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Bitcoin Brief Positions Closely Uncovered, Golden Cross Imminent as BTC Hits 50 Week MA

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The battle between Bitcoin bulls and bears rages on and the previous have the higher hand in the intervening time. As BTC grinds ever greater these brief positions which have loaded up could begin to get uncovered which might result in liquidation.

Bitcoin has hit a brand new 2019 excessive of simply over $5,600 and has proven energy over the previous week. Larger lows have been posted a number of occasions and there’s a clear uptrend on the weekly chart.

Bitcoin worth 7 days. Coinmarketcap.com

In accordance with TradingView Bitcoin matched its 2019 excessive of $5,450 a number of hours in the past earlier than beginning to retreat somewhat. A surge a number of hours later took BTC to a brand new excessive of $5,640 simply above the 50 week shifting common. Each day quantity is now over $15 billion and has reached its highest stage for the week. The bulls are main issues in the intervening time.

Crypto dealer and analyst ‘fil₿fil₿’ has been trying into brief positions at Bitfinex which at the moment are greater than people who preceded the breakout which took us from $4,000 to $5,000. The lengthy positions at the moment are the identical as these which preceded the identical breakout.

“Bitcoin continues to grind up, with out signal of there being any leveraged positions being taken up which means to me that there’s aggressive spot shopping for on this market, which these shorting it can not cease. This leads us to a state of affairs the place there can be brief positions closely uncovered – round 6k shorts are underwater and vulnerable to being liquidated.”

This can be a bullish state of affairs in keeping with the analyst who additionally identified that there’s a heavy load on the purchase facet as in earlier conditions the place Bitcoin accelerated to new all-time highs repeatedly in 2017.

Crypto analyst ‘Moon Overlord’ echoes this sentiment with the deal with excessive variety of bids and better lows for Bitcoin which is powerful upwards momentum;

Golden Cross Imminent

The fabled golden cross can be imminent and this extraordinarily bullish sign might prompt a wave of fomo which sends Bitcoin costs straight as much as $6,000 in a matter of hours. Wanting on the charts, the crossover of the 50 day and 200 day shifting averages is prone to happen immediately or tomorrow.

Bitcoin worth 1 day chart. Tradingview.com

Bitcoin has lastly jumped to $5,600 the place the 50 week shifting common sits – it pulled again from this stage fairly rapidly as some had anticipated. A break by way of this additionally would see a transparent path to $6,000 and additional liquidation of all of these brief positions might ship Bitcoin even greater.

These eventualities are purely theoretical till they really occur however the indicators are lining up for Bitcoin and the bulls are poised for motion after an extended chilly spell in crypto land.

Picture from Shutterstock

The put up Bitcoin Brief Positions Closely Uncovered, Golden Cross Imminent as BTC Hits 50 Week MA appeared first on NewsBTC.

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