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Bitcoin Price Completes Saucer Formation, With Recent Dips Can It Continue Handle? Long Hedges Intact
Bitcoin (BTCUSD) bullish price rout has recently completed saucer pattern chart formation. The pair briefly halted at $10,522 level and showed some price exhasutiveness to plunge below 7-DMAs and $10k mark.
Currently, bounced back above 21DMAs, we had emphasized that any sustenance could regain the strength and stimulate rallies, as stated it has reclaimed $10,298 levels (at Coinbase exchange) by showing rallies of more than 5%.
BTCUSD has been oscillating between $10,500 - $9,600 levels from the last couple of weeks. Now, it seems to be forming handle adjoining saucer pattern.
BTCUSD price has shown constant bullish steaks from the lows $6,401.24 levels to the recent highs of 10,522.51 levels and was on the verge of hitting 5-months highs. We reiterate that minor corrections are always healthy at this juncture for us to get a clarity on the liquidity assurance.
Hence, as the anticipation for the upside risks in the underlying security price up to the retest of $13k mark remains intact and accordingly, long hedges were advocated using CME BTC Futures. It is unwise to count the chickens before they hatch, if we keep speculating on the next upside target. Instead, uphold long hedges for now.
Fundamentally, with the Bitcoin Halving less than 3-months away and mounting speculation the halving may be a major catalyst for further bullish momentum the crypto markets have roared into life in Q1.
Upholding the above recommended positions is wise strategy by rolling over CME BTC Futures contracts of March deliveries on hedging grounds. Please be noted that on a fresh long build-up (rising price) coupled with the rising open interest and rising volumes is conducive factor from the contract holders’ perspectives.