**Bitcoin 4H: Two options are on the table**

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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After spiking at $8,830 on Coinbase Bitcoin reversed to retest the Support at $8,400 - $8,500.

* Bears are trying to push the price down to the lower band (the 2nd Support at $7,700 - $7,800) of the previous consolidation area.
* Even though the price retreated around $500 off the spike, the Support zone of $8,400 - $8,500 remains strong enough to allow the Bulls to deter this barrier.
* We estimate a 60% probability of the price to recover in the near term and a 40% probability of the price to continue declining to $7,700 - $7,800 level.
* 4H MACD & RSI doesn't give a truly valuable input at the moment, though there was a slight bearish divergence on RSI , which we expect to discharge soon.

Short-term trading strategy ?

* Our key short-term outlook remains Long and this could be a perfect opportunity to Buy in at around $8,400.
* We will set our stop-loss at $8,300. But should the price continue declining, we will exit Longs and will start looking for price spikes to open Shorts.

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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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