XBT/USD Analysis: Bitcoin Hunting For A Buy Zone, Is It Time To Long For BitMEX Margin Trading?

Bitcoin
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XBT/USD Analysis: Bitcoin Hunting For A Buy Zone, Is It Time To Long For BitMEX Margin Trading?

  • Bitcoin settles in a consolidation range between $9,000 and $9,000 before the next breakout.
  • Investors get ready to buy Bitcoin at $8,800 while $8,400 is still in sight.

Bitcoin is pushing the current consolidation a notch higher above $9,100. $9,200 is the coming out as a key consolidation limit while $9,000 is the support limit. The diminishing volume means that buyers cannot ignite rapid movement north. Instead, this leaves Bitcoin with one viable move, to correct towards $8,800 (a possible buy zone) where more buy entries will be entered to give Bitcoin a boost towards $10,000. The same zone happens to be marked by the 50% Fib retracement level taken between the last swing high of $10,578 tom a swing low of $7,327.

XBT/USD 2-hour chart

XBT/USD price chart
XBT/USD price chart by Tradingview

In addition to that, the falling triangle pattern I explored yesterday is still in play. If Bitcoin manages to clear this resistance, we can expect an impressive rise above the resistance at $9,500, $9,700 respectively.

On the downside, if $8,800 support area gives in to selling pressure, the 100 Moving Average (MA) on the two-hour chart will try to stop the losses. The next support is observed at $8,400 while the recent support at $7,300 remains as the major support area.

Technically, Bitcoin has a short-term bullish bias. The Relative Strength Index (RSI) has reversed the trend towards the overbought after sliding to levels at 42. The return of the RSI above 70 would mark a growing bullish momentum and a subsequent increase in the price value.

According to the data on BitMEX, Bitcoin price index stands at $9,100.82. The product features a 24-hour trading volume of $2.9 billion which is significantly lower compared to volume on Thursday. BitMEX Bitcoin futures contract also has an open interest of $750 million.

Key Technical Levels

Index price: $9,100.82

Relative change: -60

Percentage change: -0.66%

Volume: Low

Summary
XBT/USD Analysis: Bitcoin Hunting For A Buy Zone, Is It Time To Long For BitMEX Margin Trading?
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XBT/USD Analysis: Bitcoin Hunting For A Buy Zone, Is It Time To Long For BitMEX Margin Trading?
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Bitcoin settles in a consolidation range between $9,000 and $9,000 before the next breakout. Investors get ready to buy Bitcoin at $8,800 while $8,400 is still in sight.
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Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 285 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @