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Bitcoin [BTC] price drops by $500 from the its’ highs as the bullish run cools-off. At 5: 00 hours UTC on 11th February is trading at $9740. Nevertheless, as the trend remains bullish traders are looking to ‘buy the dip’.
On the 4-hour chart, the 50-EMA (Exponential Moving Average) is acting as support at the moment.
The funding rate rose to highs around 6% (daily) on BitMEX with rising long interest. However, the drop in the last few hours has brought it back to levels around 1.2%. The interest to buy a lower dip and short orders are beginning to rise.
The bullish senitments is, however, still active. As reported yesterday on CoinGape, traders continue to look around the $9,400-9,600 area to buy. Prominent derivatives and crypto trader, SC, tweeted on similar lines,
Looking for some bids in the red if we get it. $BTC
Another prominent trader, Zoran Kole suggested similar levels for buy orders based on the CME Bitcoin futures chart. He tweeted,
$BTC Update: 1d CME e2e completed on the money. Already filled the gap down to 95xx. I believe this is foreshadowing for spot. I like 94-95xx for re-entry with stops below 9050. #crypto
The weekend bullish cap around $9500 was filled quickly with Monday’s correction. The stop equivalent of 94-95xx entry on CME will be around $92-93xx.
In the recent update on planning swing trades, chart analyst, Sawcruhteez looks for ultimate support around the 200-Day EMA ($8300) where he looks to go All-in longs. Nevertheless, outlines the second approach to see this dip reverse from above $9k. He tweeted,
… There are two separate approaches and the first one outlines exactly why I am layering bids from $9,200 – $9,600. $BTC?tradingview.com/chart/BTCUSD/a…
Do you think Bitcoin could could go back to $8k levels? Please share your views with us.
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