More downside for Bitcoin: $7,800 could be the next stop!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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The U.S. Securities and Exchange Commission (SEC) is again raising a question regarding a proposed exchange-traded fund ( ETF ) based on Bitcoin .

* BTC continues a slow downward movement towards the lower band of the wider consolidation range at $7,800.
* Though we laid eyes on a higher volume on the previous H4 candle, we don't see the Bulls to have enough power to initiate an upward momentum from the current price level.
* For the time being, we keep our latest forecast intact: our Short target is around $7,800.
* Indicators confirm the possible continuation of the downward move: RSI is approaching oversold territory on H4, while MACD has crossed 0 and turned negative.

Previous trade signal is active

Sell @ $8,300 - $8,400
Target: $7,800
Stop-loss: $8,600

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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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