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 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 & doesn't give a truly valuable input at the moment, though there was a slight divergence on , 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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GOOD LUCK AND LOTS OF PROFITS !!
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