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Bitcoin: Long or Short from here ?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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Bitcoin showed a sluggish dynamic on the weekend, slightly fluctuating inside the narrow range.

* An attempt to test the Resistance at $8,500 occurred, but the Bears immediately came into play driving the Bulls back to the minor retreat level at $8,150.
* At the moment, Bitcoin is again coming closer to the Resistance level , but the core question now is whether the Bulls have enough power to consolidate and break it above.
* We suggest that the retest of $8,500 could recur, so trying speculative (scalping) Longs from $8,300 with a tight Stop-loss of 50 b.p. looks reasonable.
* Should the price fail to break the Resistance up with the Bears shortly taking the lead, Shorts must be triggered with a target at the lower Support of $7,700 - $7,800.
* Both indicators, RSI & MACD , reside in a Neutral position.

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Disclaimer
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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