Where to ‘Buy the Dip’ in Bitcoin [BTC] below $10k? Price Analysts Suggest

By Nivesh Rustgi
Published February 11, 2020 Updated February 11, 2020
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Where to ‘Buy the Dip’ in Bitcoin [BTC] below $10k? Price Analysts Suggest

By Nivesh Rustgi
Published February 11, 2020 Updated February 11, 2020

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.

btcusd chart
BTC/USD 4-hour Chart on Coinbase (TradingView)

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.

bitmex funding rate bitcoin
BitMEX Funding Rate (8 hours interval)

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

bitcoin price anlaysis
BTC/USD Price Analysis (Source: Twitter)

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.

btcusd tradingview
BTC/USD Daily Futures Price on CME (TradingView)

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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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
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

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