Bitcoin price trend has resumed the buying interests again this week as the bulls managed to reclaim above $9k mark again.

Technically, hammer pattern candle takes-off rallies above 100-DMAs with bullish crossovers. As a result, bulls are shrugging-off shooting star and hanging man pattern popped-up at the peaks and extending upswings by establishing 8th consecutive rallies.

Most noticeably, the minor trend breaks-out the stiff resistance zone $7,500 – $7,730 levels.

Foreseeing such upside risks, the long hedges have already been advocated using CME BTC Futures about one and half month ago. In addition, 1m ITM call options have also been recommended.

These 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 for now (spot reference: $4,927 levels).

While on a broader perspective, the pioneer crypto has risen above 100-EMAs and retraced 23.6% Fibonacci levels of the Dec’2018 lows and all-time highs in Dec’2017 (refer 2nd chart).

Since mid-March, BTC has spiked from $3,858 to the recent highs of $9,306 which is 140% resounding rally.

From April'16, the BTC has spiked from $414 to the all-time highs of $19k, currently, trading decisively at $9k levels, which is still a mammoth 1,660% rallies.

Hence, the fresh accumulation is advisable at this juncture, while for those who are already holding bitcoins are advocated the above-mentioned hedging strategies.

As the anticipation for the upside risks in the underlying price up to the retest of $10k mark remains intact, CME Bitcoin Futures evidences robust institutional interests as open interest has risen to $339 million. Accordingly, we uphold long hedges through CME BTC futures and ITM call options.