Be careful at this point on the chart since the selling pressure might be reaching out the point of exhaustion.
* The downward move of Bitcoin seems to be losing steam: the Bears have stopped pushing down heavily, although the price resides near the Key .
* However, we might still observe an attempt to push through $7,800. At that point, the Bulls should step in with an increased buying power, so there is an unfavorable likelihood for the Bears to be captured in a bear trap.
* Should we see the powerful bounce up off $7,800 followed by a breakthrough of the descending trend channel, the new Long target around $8,600 will arise.
Active trading strategy
* Start closing up Shorts if the selling pressure exhausts near $7,800.
* Seeing the 'right' price action around the Key Support, we stay ready to:
Buy @ $7,800.
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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.