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Crypto-Technicals: Bitcoin Flirts Shy Of $10k As bears Drifts In Sideways After Hanging Man – Trading & Hedging Setup
Bitcoin price chart has formed hanging man patterns at 9,750 and 9,783 levels (refer daily chart).
Consequently, BTCUSD (at Coinbase) bears have been drifting sideways today, as bulls have halted below $10k areas and no wonder if it may attempt to extend the rallies above $10,000. Prior to which, hammer takes-off rallies above 100-DMAs with bullish crossovers, bullish engulfing signals intensified buying sentiments, bulls seem to be shrugging-off recently occurred double top pattern, 7, 21 & 100-DMA act as strong support.
We witness the minor trend showed breakout above stiff resistance zone in the recent past and showed renewed bullishness up to $10,400 levels.
However, decisive volume data could not ensure the follow-up. Besides, bulls began playing their cards in a defensive modes.
The considerable mounting in crypto-derivatives volumes in May, the Chicago Mercantile Exchange (CME) registered the most significant surge of 59% since April.
Amid such developments, as we could foresee more upside risks in the days to come with the strong support of $7,950 levels (i.e. 100-DMAs), long hedges have already been advocated using CME BTC Futures when the underlying BTC was trading at $4,927 levels, and we wish to uphold the same positions with June months deliveries. It is unwise to keep speculating on the next upside target and accumulate fresh bitcoins. Instead, one can certainly uphold the above advocated long hedges for now (spot reference: 9,737 levels).