Short trade is in action!

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

Bears keep up pushing the price down: by now, have squeezed through $8,000.

* Bitcoin is under substantial selling pressure since the 11th of October and could potentially drop below the latest bottom near $7,700.
* However, the short-term descending channel suggests the price action to develop within that structure, with the ultimate down target located around the same Support of $7,700 - $7,750.
* Alternatively, there could be a bear trap hidden inside the current price action - on the way down from $8,400 to $7,700. This alternative makes sense if we clearly observe the seller exhaustion as will have been signaled by a bullish divergence on RSI indicator.
* At the moment, RSI has stepped into oversold area on H1, so we can expect short-run price spikes.

Active trade signal

Sell price spikes.
Target: $7,700 - $7,800.
Stop-loss: $8,200.

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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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