Clear & Obvious Chart Structure: **Bitcoin**

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

Another flash crash that occurred on the Coinbase Pro and Deribit exchanges pinned BTC prices slightly down.

* On October 31, 2019, BTC speculators witnessed a flash crash on Deribit, a futures and options exchange for BTC . Futures prices slumped from $9,150 to $7,720 and then bounced back to above $9,000 within a couple of minutes.
* As a result, Deribit will reimburse over $1.3 million in losses from the BTC index calculation data issue witnessed at 21:00:00 UTC on October 31, 2019.
* Nevertheless, there is another, major factor that should predetermine BTC price dynamic in the nearest months. Namely, Bitcoin may experience more price boost as May'2020 halving is getting closer.
* In the short-term, the price is wedged within the minor contracting triangle on H1-H4. The breakdown of the triangle suggests a drop to $8,500 - $8,600 area.
* A bearish invalidation could be in evidence if the price rises above $9,300. Overall, opening Shorts appears very tricky in the current situation.
* RSI & MACD , both rest in a complete neutrality.

Pending trade signal

Buy @ $8,500 - $9,000.
Nearest target: $10,500.
Mid-term Target: $12,000.

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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.


Very good post. If it gets back to around 9000 there could be nice trouble for the north, as 'everybody' might get the same idea. 😀
Monfex_UK Captain_Walker
@Captain_Walker, We think that if it starts speeding up above $9,400 - the break-out could massive
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