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On Friday, the benchmark cryptocurrency dropped as low as $11,200 (previous resistance turned support), before jumping back to the $11,600s level, which is where we’re currently trading at.
Meanwhile, worth mentioning is the effect that Bitcoin derivatives (futures and options) are likely to have on the price action of the cryptocurrency in the near-term. Analysts have pointed out that the funding rate of Bitcoin futures is currently neutral after last week’s positive momentum.
This means that neither longs nor shorts are “over-leveraged.” Usually, neutral funding rates are seen before Bitcoin experiences a leg up.
Key Levels To Watch
History has shown that a parabolic run (a bull-run without corrections) almost always ends badly. A good example is the 2017 bull-run.
Friday’s decline was a healthy correction to the recent bullish trend. The intense dip-buying that was noted after the drop showed just how strong the market was.
On the 4-hour chart, we can see that BTC is forming a rising wedge, which could be a key determinant in the next surge. An upwards breakout above the $11,800 would favor the bulls while a break below the $11,400 level could turn BTC bearish in the short-term. However, a fall from this level will be strongly supported by the 50 HMA ($11,530).
Meanwhile, the path of least resistance remains strongly to the upside as our focus remains on $12,000).
Total Market Cap: $357.3 billion
Bitcoin Market Cap: $215.8 billion
BTC Dominance Index: 60.2%
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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