XBT/USD Analysis: Bitcoin Stays above $9,000 As $10,000 Becomes A Pipe Dream – BitMEX Margin Trading

Crypto Market

  • Bitcoin action limited in the confines of a narrow range between $9,000 and $9,250.
  • Bitcoin must ground start the end-journey to $20,000 or else I will be saying hello to $6,000.

Bitcoin has less than two months to actualize the anticipated end-year rally. From my perspective, return to levels around $20,000 is not only unlikely but also a mirage. However, for Bitcoin anything is possible. For instance, last week Bitcoin zoomed to levels at $10,500 and immediately reversed to levels marginally beneath $9,000.

XBT/USD one-hour chart

XBT/USD price chart
XBT/USD price chart by Tradingview, BitMEX

The price action that followed failed to stir action above $9,500. Bitcoin is settling in a tight range between $9,000 and $9,250. Besides, the just concluded weekend session saw Bitcoin and other major cryptos traded with a sour tone.

Meanwhile, XBT/USD is dancing at $9,160 following a subtle 0.6% loss on the day. The upside is capped by 50 Moving Average (MA) on the four-hour chart. Also limiting movement north is the middle channel of Andrews Pitch fork. As long as Bitcoin stays below this channel barrier, key support areas will remain depressed. According to Batrachotoxin, a popular analyst on Tradingview Bitcoin more bullish than bearish. He explores a subtle rising wedge pattern on the four-hour chart:

“BTC is in the consolidation phase after a massive pump 9 days ago. While the 38.2% Fib. holds the plummets, a rising wedge is also established in the 4H timeframe. Base on modern chart pattern statistics, a rising wedge on the bullish market has 78% of a 28% advance and 95% of a 14% decline. As a result, in case of breaking out the pattern, BTC has 58% of reaching $12,100 area and it has 46% of meeting $8,100 area.”

XBT/USD Technical Levels

BitMEX Index Price: 9,148.06

24-hour volume: $1.4 billion

Open interest: $782 million

Funding rate: $0.01%

Trend: Bearish

Resistance $9,400

Support: $9,000

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