After vain attempts to correct noticeably upward, Bitcoin is ready to retest the local lows around $7,700.
* After prolonged selling pressure, Bitcoin made a desperate attempt to break higher and hit $8,100 intraday.
* However, the price is heavily wedged within the and the downward move is yet to be completed.
* We keep an eye on our ultimate down target around $7,700, although not denying the scenario of a stronger decline to as low as $7,600.
* The bear trap alternative is not dismissed and we could still see the seller exhaustion as potentially signaled by a on .
Active trade signal
Sell @ $8,040 - $8,100.
Target: $7,600 - $7,700
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GOOD LUCK AND LOTS OF PROFITS !!
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