**Another Impulse Up is expected: Bitcoin !**

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hi, Traders ! Monfex is on the air !

Bitcoin’s short-term bullish momentum is intact.

* Bitcoin is expected to continue its expansion to the North ($9,000 is the closest target) despite a U.S. SEC rejected a Bitcoin exchange-traded fund ( ETF ) proposal.
* Shortly before, Bitcoin hit a two-week high of around $8,700 and corrected to the $8,500 Support shortly afterwards.
* Despite the negative news from SEC, Bitcoin has not gone through a sell-off following the regulator’s decision.
* For the time being, Bulls are fully in charge of the market. The next impulse Up should unwind soon.
* A bit more correction - to $8,400 may follow, but we certainly deem that the Long entry level lies between $8,400 and $8,500.

Active trade signal

Buy @$8,400 - $8,500.
Nearest Target: $9,000.
Stop-loss: $8,300.

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This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.
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