Monfex_UK
Long

**More Upside on Bitcoin is observed!**

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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Following the powerful break-out of 1H channel, Bitcoin is now consolidating ahead of a new impulse Up.

* Broken Resistance of $8,500 now acts as the Support level that refrain the price from reversing back inside the 1H channel.
* One of the potential triggers driving Bitcoin upwards was the announcement of Federal Reserve (Fed) saying it would print money to expand the size of bank reserves. This have spurred investors to buy cryptos since fiat money are now exposed to inflation and, as a result, depreciation.
* Aside from that, speculations around SEC approving ETF application by Bitwise are thriving, additionally spurring investors to allocate funds to the crypto.
* RSI has left the overbought territory, so we are waiting for the Buy entry around 50 level.
* The likelihood of the price getting back to $7,800 - $8,500 corridor is quite small for the time being, so we are decisively looking the way UP.

Active trade signal ?

Buy @$8,500.
Target: $9,400 - $9,600.
Stop-loss: $8,300.

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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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@Monfex_UK do you still think it will recover? it is close to hitting the stop loss
Reply
Great, hope it will go up there
Reply
Monfex_UK DaweFXHunter
@DaweFXHunter, Already hit $8,800 )
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