**Bulls are getting SQUEEZED and here is WHY**
Hi, Traders !
Monfex is at your service !
Bitcoin is under severe pressure: bears keep pushing on aiming to knock bullish Support area around $7,500 - $8,000 to pieces. From the technical standpoint, it still looks like a protracted correction and it is quite hard to descry the point of market equilibrium, so we need to get additional confirmation before jumping in either direction.
* We are partially closing our speculative Longs since the price drove through $8,000 once again.
* From now on, we are precisely careful with Longs until we see, at least the short-term, bearish rejection.
* So we watch closely for any sizable impulse up & the break-out of 1H descending channel.
* Until that we are staying in a Hold Mode. Shorts are possible on price spikes & in case of the further break-down below $7,500.
Short-term trading strategy ?
* Watch for break-out of 1H channel to enter speculative Long.
* Watch for price spikes after an impulse up to go Short.
* Watch for the price action down below $7,500 to enter Short.
Watch for our Updates to be the first who gets well-timed signals !
GOOD LUCK AND LOTS OF PROFITS !!
If you agree with this analysis, then Like it and visit my page! This will be the best feedback and encouragement for me!
Disclaimer
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.
Monfex is at your service !
Bitcoin is under severe pressure: bears keep pushing on aiming to knock bullish Support area around $7,500 - $8,000 to pieces. From the technical standpoint, it still looks like a protracted correction and it is quite hard to descry the point of market equilibrium, so we need to get additional confirmation before jumping in either direction.
* We are partially closing our speculative Longs since the price drove through $8,000 once again.
* From now on, we are precisely careful with Longs until we see, at least the short-term, bearish rejection.
* So we watch closely for any sizable impulse up & the break-out of 1H descending channel.
* Until that we are staying in a Hold Mode. Shorts are possible on price spikes & in case of the further break-down below $7,500.
Short-term trading strategy ?
* Watch for break-out of 1H channel to enter speculative Long.
* Watch for price spikes after an impulse up to go Short.
* Watch for the price action down below $7,500 to enter Short.
Watch for our Updates to be the first who gets well-timed signals !
GOOD LUCK AND LOTS OF PROFITS !!
If you agree with this analysis, then Like it and visit my page! This will be the best feedback and encouragement for me!
Disclaimer
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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