cryptocurrency

Where to ‘Buy the Dip’ in Bitcoin [BTC] below $10k? Price Analysts Suggest – Coingape


Bitcoin [BTC] price drops by $500 from the its’ highs as the bullish run cools-off. At 5: 00 hours UTC on 11th February is trading at $9740. Nevertheless, as the trend remains bullish traders are looking to ‘buy the dip’.

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On the 4-hour chart, the 50-EMA (Exponential Moving Average) is acting as support at the moment.

btcusd chart
BTC/USD 4-hour Chart on Coinbase (TradingView)

The funding rate rose to highs around 6% (daily) on BitMEX with rising long interest. However, the drop in the last few hours has brought it back to levels around 1.2%. The interest to buy a lower dip and short orders are beginning to rise.

bitmex funding rate bitcoin
BitMEX Funding Rate (8 hours interval)

The bullish senitments is, however, still active. As reported yesterday on CoinGape, traders continue to look around the $9,400-9,600 area to buy. Prominent derivatives and crypto trader, SC, tweeted on similar lines,

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1xbit

Looking for some bids in the red if we get it. $BTC

bitcoin price anlaysis
BTC/USD Price Analysis (Source: Twitter)

Another prominent trader, Zoran Kole suggested similar levels for buy orders based on the CME Bitcoin futures chart. He tweeted,

$BTC Update: 1d CME e2e completed on the money. Already filled the gap down to 95xx. I believe this is foreshadowing for spot. I like 94-95xx for re-entry with stops below 9050. #crypto

The weekend bullish cap around $9500 was filled quickly with Monday’s correction. The stop equivalent of 94-95xx entry on CME will be around $92-93xx.

btcusd tradingview
BTC/USD Daily Futures Price on CME (TradingView)

In the recent update on planning swing trades, chart analyst, Sawcruhteez looks for ultimate support around the 200-Day EMA ($8300) where he looks to go All-in longs. Nevertheless, outlines the second approach to see this dip reverse from above $9k. He tweeted,

… There are two separate approaches and the first one outlines exactly why I am layering bids from $9,200 – $9,600. $BTC?tradingview.com/chart/BTCUSD/a…

Do you think Bitcoin could could go back to $8k levels? Please share your views with us. 

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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