XBT/USD Analysis: Triangle Breakout Targets $10k But Where Are The Bulls? BitMEX Margin Trading

Crypto Market
Crypto Market

XBT/USD Analysis: Triangle Breakout Targets $10k But Where Are The Bulls? BitMEX Margin Trading

  • Bitcoin lags reaction to a triangle breakout; bulls stay in hibernation.
  • The resistance at $9,600 must get into the rear view for a correction to $10,000.

Bitcoin staged a move towards $10,000 earlier this week but stalled short of $9,600. The shallow correction north followed a perfect breakout from a symmetrical triangle pattern. Following the surge that could not be sustained above $10,500, XBT/USD began a consolidation phase. While the movement towards $10,000 has been greatly thwarted by the presence of sellers, dips below $9,000 have also been limited.

XBT/USD 4-hour chart

XBT/USD price chart
XBT/USD price chart by Tradingview, BitMEX

Besides, the triangle breakout, Bitcoin also stepped above the 50 MA on the four-hour chart. Bitcoin is dancing at $9,350 amid improving bullish momentum. The volume indicator also shows expanding levels. Moreover, the Relative Strength Index appears to have broken from the downtrend to nurture a gradual slope northward. Bitcoin displays a good technical picture towards $10,000 but missing in action are the futures contract longs’ traders.

It appears that that lack of action towards the short-term resistance at $9,400 and $9,600 respectively could end up in Bitcoin diving back to $9,000. Meanwhile, in line to offer support is the 50 SMA, the ascending trendline and the short-term support at $9,200. The region between $9,000 and $8,800 has been very instrumental in impacting price reversal. This region can be considered a buy zone in the event Bitcoin reverses below $9,000.

According to the data on the BitMEX margin trading platform, the contract has an index price of $9,343.66. It has posted a 2.1 billion trading in the last 24 hours. At the same time, XBT/USD has an open interest of $798 million and a funding rate of 0.0198% in the last six hours.

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XBT/USD Analysis: Triangle Breakout Targets $10k But Where Are The Bulls? BitMEX Margin Trading
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XBT/USD Analysis: Triangle Breakout Targets $10k But Where Are The Bulls? BitMEX Margin Trading
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Bitcoin lags reaction to a triangle breakout; bulls stay in hibernation. The resistance at $9,600 must get into the rear view for a correction to $10,000.
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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 287 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 @