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Bitcoin price has continued its bullish streaks as expected in our previous post, the renewed strength by edging higher above $9.3k levels. The pair BTCUSD, has surged more than 20.50% in this week so far and staged for 7th consecutive weeks’ rallies (refer 2nd chart) amid pandemic coronavirus crisis.
Technically, the pair (at Coinbase) has shown constant upswings in the minor trend ever since the occurrence of hammer pattern at $5,037 level.
Yesterday, bulls have managed to break out the stiff resistances decisively.
The stiff resistance zones were $7.7k level and $7,974 levels (i.e. 100-DMAs) (refer 1st chart).
However, some sceptics of crypto-space still looks apprehensive ahead of block-halving event that is scheduled for 13th of May that drives them to maintain smart hedging atleast.
Accordingly, 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). Please be noted that since mid-March, BTC has spiked from $3,858 to the current $9,306 which is 140% rallies. And, from April'16, the BTC has spiked from $414 to the all-time highs of $19k, currently, trading decisively at $7.5k levels, which is still a mammoth 1,660% rallies.
Hence, 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 security price up to the retest of $6k is most likely and bounce back up to $10k mark remains intact. Hence, we uphold long hedges through CME BTC futures and ITM call options.
