Bitcoin: Double Top on H4 / Short to $8,600 (500)

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

Bitcoin has formed up a double top pattern on H4 timeframe.

* After retesting $10,000 round level, BTC has retreated to the important (long-term) Support of $9,300.
* Failing to break $10,000 from the second attempt, now the Bulls have to consolidate at lower levels before making the third attempt.
* Despite $9,300 is a strong level - the long-term Support of the large bearish triangle, we think that the Bears could push the price downward from here - to test the next Support at $8,500 - $8,600.
* Indicators confirm a Short idea with RSI making lower high on the second rise attempt as well as having left the oversold area, while MACD gradually turns negative.
* At the same time, our mid- to long-term scenario remains LONG.

Speculative trade signal

Sell @ $9,300 - $9,400.
Target: $8,500 - $8,600.
Stop-loss: $9,500.

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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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