Bitcoin [BTC] bulls seem to have failed again at a break-out. The price continues to range between $7580 and $7160.
The price of Bitcoin [BTC] at 3: 45 hours UTC on 11th December 2019 is $7200. It is trading 2.55% lower on a daily scale.[according to the Bitcoin widget]
On a daily scale, the falling wedge pattern is shaping to guide the traders. The immediate support from the wedge is around $6200-$6500.
Bitcoin derivatives traders, CryptoFib tweeted,
Not much to report here other than we are still in a long term falling wedge and currently holding the 61.8 Fib. Squeeze indicator is looking eerily familiar to mid Oct. So, that would mean a lower low coming followed by quick reversal.
Moreover, the falling wedge is also a bullish pattern. While a break-out attempt has been avoided, for now, bulls might still look for another chance.
Another expert trader, Zoran Kole, is, however, expecting the buyers to step in.
Invalidation is likely below the HL. Would like to see buyers stepping in today; otherwise will look to TP and flip short. Ideally in the 73xx-74xx area. #
Nevertheless, his overall view was bearish after the target around $7400 with targets at $6900. Moreover, a break below the falling wedge could be detrimental to the price.
Futures Market 24-hour Update
Skew reported a 14.5% drop in futures and perpetual swaps trading volume yesterday compared to the previous day. As the price dipped, the
While the traders are apprehensive of a drop, the long interest in Bitcoin is still intact. The funding rate on BitMEX has been primarily positive. Although, the premium rate is negative.
On Okex, as well, the traders are looking for a bounce above the range support at $7150. The total long/short ratio flipped towards the bulls as the price dips to $7200. The top 100 traders on Okex were long also primarily long in the last few trading sessions.
Which support level do you think is most likely to hold – $7k or $$6-6.5? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com