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Digital Currency Revolution Series: Bitcoin Snapping Rallies But Unwise Build Fresh Shorts, Uphold Long Hedging
Bitcoin price (BTCUSD at Coinbase) surpassed $9.5k again but for now, it seems to be quite exhausted after 2-days of rallies (5%), short-term traders are snapping rallies for momentary gains.
The consolidation phase continues on hammer formations at $9,074 and $9,130 levels, consequently, the bulls attempt to take-off rallies above 7 & 21-DMAs with bullish crossover on these bullish patterns, $8,585 act as strong support, more rallies are on the cards as both leading oscillators are still signalling the buying momentum.
Since mid-March, BTC has spiked from $3,858 to the recent highs of $10,079 which is 160% rallies but currently wedged in a range.
On a broader perspective, we wouldn’t mind reiterating more upside risks are still on the cards in the days to come with the strong supports of $8,585 and $7,950 levels (i.e. 100-DMAs), hence, long hedges have already been advocated using CME BTC Futures when the underlying BTC spot was trading at $4,927 levels, and we wish to uphold the same positions by rolling over August months tenors. It is unwise to keep speculating on the next upside target and accumulate fresh bitcoins or go for fresh short build-ups at this juncture. Instead, one can certainly uphold the above advocated long hedges for now (spot reference: 9,530 levels).