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Bitcoin’s Safe-Haven Speculations Amid Lingering Geopolitical Havoc, Uphold Prudent Long Hedge

Crypto-enthusiasts were bullish about the recent week’s bitcoin price bounce from $6,854, we’ve been one among them on trading grounds via CME BTC Futures because of couple of technical bullish driving forces. Yesterday, we advocated to unwind them and book profits near its peaks.

Bitcoin price (BTCUSD at Coinbase exchange) has risen more than 15.75% in this month, but couldn’t ensure the sustenance so far.

No doubt, technically, bulls counter with engulfing patterns at $7,285 and $7,334 levels, consequently, the minor trend spikes well above 7 & 21-DMAs.

President Trump’s press conference yesterday confirmed that military escalation would not take place in regards to Iran’s retaliatory airstrike. Markets changed their short-term directions and reacted aggressively; crude oil prices dropped sharply 10% from their range highs, bitcoin is no exception, US 10-year yields recovered from a ~1.70% low back towards the 1.90-1.95% four month range highs and US equity markets moved back into positive territory on the year, led by the NASDAQ, while BTCUSD price (at Coinbase) has plunged to the current $7,852 levels or a tad below -7% from yesterday’s peaks as President Trump is adding insult to the burning injury. He announces new economic sanctions against Iran that hurt ‘bitcoin safe haven’ narrative returns.

In response to the price slumps observed by the cues from equities, commodities like gold, crude oil, while pioneer cryptocurrency has surged commendably, the vulnerable financial markets drives cryptocurrency market as a safe-haven amid such a geopolitical crisis.

Any which ways, Bitcoin bulls will hope that all these patterns are indicative of a trend reversal. When an asset’s price consistently makes higher lows or higher highs towards the end of a cycle, this can be a sign of an impending price break-out.

Accordingly, we’ve recently setup a trading and hedging strategy so as to participate in the prevailing bullish run. We have now squared-off trading positions, while hedging positions remain intact. It seems to have been fetched the desirable yields by now as we had given targets of $8,500 level (current spot reference: $7,852 levels).

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