Short this 1H Spike on Bitcoin!

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

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 descending channel 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 bullish divergence on RSI .

Active trade signal

Sell @ $8,040 - $8,100.
Target: $7,600 - $7,700
Stop-loss: $8,200

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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.
Oct 18
Trade closed manually: Take profit @$7,900. The risk of a bears trap ..
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