XBT/USD Analysis: Bitcoin Longs Target $8,800? BitMEX Margin Trading

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XBT/USD Analysis: Bitcoin Longs Target $8,800? BitMEX Margin Trading

  • Bitcoin price steps above the descending trendline as bulls return on a revenge mission.
  • Bitcoin looks forward to breaking above $8,600 for an extended movement towards $8,800 and $9,000.

The recent correction in Bitcoin is likely to have favored Bitcoin shorts on margin trading platforms like BitMEX. However, the current recovery from the lows formed at $7,699.50(on Coinbase) suggests that it’s time for Bitcoin long traders to reposition themselves for a rally targeting $8,800 and $9,000 respectively.

At press time XBT/USD is trading above the 23.6% Fibonacci retracement level with the last swing high at $10,439 and a swing low of $7,699.50. The bulls already breached the resistance at $8,500 to post an intraday high of $8,515.15. The correction from Monday lows ($7,699.50) step above $8,000 and the descending trendline resistance catapulted the price to first October high.

XBT/USD 2-hour chart

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

In spite of the correction, the longs traders should not expect a smooth ride to $9,000. Besides, immediately capping movement to the upside is the 100 moving average (MA) on the two-hour chart at $8,537. In addition to that, the 38.2% Fibo resistance marginally below the target at $8,800 could be a hard nut to crack. Consequently, BossIndicators a premium level analyst on Tradingview predicts that Bitcoin could plunge back to $7,500 in the event it fails to correct above $8,600.

“All our technical indicators are indicating bitcoin is in bull mode and we are currently long at $8030 Key resistance levels to take profit are $8600 and $8900. If BTCUSD fails to break above 8600 We could see a dip to $7500. Keeping a tight stop loss just in case.”

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

The trend with the moving average convergence divergence displays a positive picture for XBT/USD in the near-term. The bullish divergence inside the positive region signals a stronger building bullish momentum. It is likely that the break above $8,600 will pave the way for gains towards $8,800 and $9,000 respectively.

XBT/USD Key Technical Indicators

Spot rate: $8,438

Relative change: $+135.61

Percentile change: 1.65%

Open: $8,304.36

High: $8,518.51

Low: $8,199.99

Volume: Expanding

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XBT/USD Analysis: Bitcoin Longs Target $8,800? BitMEX Margin Trading
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XBT/USD Analysis: Bitcoin Longs Target $8,800? BitMEX Margin Trading
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Bitcoin price steps above the descending trendline as bulls return on a revenge mission. Bitcoin looks forward to breaking above $8,600 for an extended movement towards $8,800 and $9,000.
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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 242 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 @