Hi, Traders ! **Monfex** is at your service !

**Bitcoin is below $9,000, but is still within the projected buying area.**



\* Bitcoin ended up a relatively bearish week with a 5% decline, registered on Friday. Now it shows weak signs of recovery.

\* The current situation is rather tricky and ambiguous since the price could exit either direction from where it is now.

\* However, we didn’t notice significant volume during a sell-off, so the odds of a short-run recovery above $9,000 area are high.

\* At the same time, the break-down below $8,500 level could result in more price drop – to the Key Support Area at $7,300 – $7,800.

\* Overall, we would better stay with our Long mid- to long-term forecast, in the current situation.

**Mid-term trade signal**

Buy @ $8,500 – $9,000.
Nearest Target: $10,500.
Mid-term Target: $12,000.

**Watch for our Updates to get real-time superior signals!**


*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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