Bitcoin’s bullish streaks have momentarily halted at $10,199 levels, and currently flirting with price band between $9,736 - $10k range. It was explicitly traced our bullish indications during the formation of saucer pattern on daily plotting of BTCUSD and even before that recommendations of long build-ups have been given on December 2nd. Ever since then, it’s been 53% price jump so far and more than 35% in 2020. The pair rallied from $6430 (Dec. lows, that is when we recommended fresh long build-ups) to recent highs of $9,857 level.

Refer below weblink for further reading on that:

https://www.econotimes.com/Cryptocurrency-Derivatives-Series-Bitcoin-Bears-Resume-Again--CME-BTCG20s-up-for-trading-1569161

Bitcoin price (BTCUSD at Coinbase exchange) has shown 2nd consecutive weeks’ rallies from the lows $8,556.60 levels to the prevailing 10,056 levels. It has broken out the range resistance upon bullish engulfing patterns. Despite some minor hiccups signalled by hanging man & shooting star patterns, the minor uptrend seems to be quite healthy for now upon saucer formation (refer daily chart). Bulls are now shrugging-off these bearish patterns and taking-off well above 7, 21 & 100-DMAs with bullish crossovers.

Both the leading and lagging oscillators are in line with the uptrend, though momentum oscillators (RSI & stochastic curves) signal the mild overbought indications.

On a broader perspective, the pair has bounced from $3,128 levels to $13,880 levels in the recent past, but paired gains in the H2'2019. Such bullish streaks have taken-off the price of the pioneer cryptocurrency to hit the 4 and a half months highs as you can observe the monthly chart plotting.

As we had foreseen the upside risks in the underlying security price upfront up to the retest of $13k mark again and advocated long hedges & trading strategies accordingly using CME BTC Futures, though the bearish pattern candles are popping-up in the minor uptrend coupled with the overbought pressures signalled by the momentum oscillators, we still perceive this as a better entry levels provided by the bears for fresh trades at this juncture.

Hence, upholding the above strategy is wise thing to do 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.