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Crypto Technicals: Bitcoin Bulls Resume Upon 7-DMA Support, Heads-Up On Short Liquidations And Long Hedges
Bitcoin price bounced back towards $10k, bulls all set to form 2nd months’ highs.
Since mid-March, BTC has spiked from $3,858 to the current $10,079 which is 160% rallies.
While Skew.com data indicates that $5 million has been liquidated amid the prevailing upside journey, which is considerably far less than other liquidation events over the past two weeks.
Technically, hammer takes-off rallies above 100-DMAs with bullish crossovers, bulls in minor trend breakout stiff resistance.
Both the leading oscillators (RSI & stochastic curves) show upward convergence but little overbought pressures.
For now, 7 & 21-DMAs levels act as the strong support zone. Since mid-March, BTC has spiked from $3,858 to the current $10,079 which is 160% rallies.
Accordingly, the long hedges have already been advocated using CME BTC Futures about 2-months ago. In addition, 1m ITM call options have also been recommended.
The resurgence from the March lows has been remarkable, further Bitcoin upside traction is luring mainstream industry attention as the entire world struggles with a recessionary phase. As the optimism is lingering around, crypto-enthusiasts are asserting that fresh all-time highs past $20k are on the cards in the days to come.
The above long hedging positions have been functioning as per our expectations so far, if we keep speculating on the next upside target and accumulate fresh bitcoins, it would be unwise. Instead, one can certainly uphold the above advocated long hedges.