Bitcoin [BTC] has been primarily ranging between $8500 and $8725 since the violent move on Sunday.
Nevertheless, the price broke below the ascending wedge pattern on a daily scale, which could be a bearish signal. The 50 and 100 Day Moving average is at currently at $7608 and $7975, respectively, will act as levels of support in case of bears.
On a weekly scale, while the Lucid SAR indicator turned bullish last week. However, the bull run has still not been able to flip the MACD and CMF positive. The MACD on a daily scale seems to have topped out as well.
Derivatives and crypto trader, Tone Vays, notes is his latest Trading Bitcoin update that while the weekly is slightly bullish, on a daily scale
All signs are pointing to the top being in.
Furthermore, other traders with a overall bearish bias like TraderXO and Josh Rager, we can expect a short term bounce to $9000. However, the support around $8000-$8200 is critical for swing action. Rager tweeted,
Could potentially see a push up before continuation down and watching the support at $8000 to $8200 for a bounce Break below $7700 would be bearish but not expecting it drop that low at this point in time
However, if Bitcoin breaks above the 200-Day Moving Average at $9015, it is expected to turn most traders bullish. The price of Bitcoin [BTC] at 5: 00 hours UTC is $8665.
Futures Market Update
The funding rate on BitMEX continues to be positive as Bitcoin holds its price above $8500.
However, on Huobi, the traders are inclined short with the open interest in Bitcoin contracts dropping the last 12 hours. On Okex we well, the open interest witnesses a steep drop in the last two days. Nevertheless, majority positions are still in favor of longs at the exchange.
The CME futures market currently has three gaps are pending to be filled. The recent ones is bullish around $8700, while the one logged in August last year is around $11000. Nevertheless, there is also a bearish gap looming around $7700.
Moreover, the on-chain fundamentals and halving are adding to the positive sentiments.
Where do you think the uncertainty will yield? Please share your views with us.
- Stablecoin Meltdown: This Token Loses $7 Billion Within A Week
- Just-In: Polygon (MATIC) Releases Nightfall Mainnet Beta; Here’s Why It’s A Big Deal
- Ripple (XRP) Price Jumps Over 4%, Here’s Why
- Coinbase Cuts Down Hiring After Q1 Losses Hit $420 Million
- Shiba Inu (SHIB) Price Soars 6% In A Day, Here’s Why
- KuCoin Lists $UST Crisis Born Stablecoin $USDD; Details
- WOO Network Halts Terra’s LUNA Trading Just Hours After Relisting It
- Terra Crash Spilled Over Into Other L-1 Blockchains, Here’s How
- SEC Chair Gensler Responds To Terra Crash, More Regulation Due?
- Terra Like A Crypto “Pyramid Scheme,” Says Activist Investor Bill Ackman
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
- Decentraland Price Analysis: MANA Price Prepares For 60% Gains; Are You Buying?