It is likely that most of the traders are trying to deleverage the contract holder. Bitcoin price breaks out of the contracting triangle; the target is on $8,300. A top contract holder on OKEx cryptocurrency exchange recently purchased $320 million of Bitcoin on leverage. Crypto News suggests that the entry price could have been $7,700. Moreover, it is likely that most of the traders are trying to deleverage the contract holder. At the same time, there is a chance that he might not be able to exit at a reasonable price and the contract could expire. Crypto News on Twitter has tried to demystify the positions the contract holder has before it is too late: “Top contract holder has scaled down to “only” 201 mln $ position long. Nr 2 and 3 scaled down as well. Still record size position. Of note top short contract holders are using large proportion of their margin, Nr 1 may pump it again and get them [email protected] is now a risky place.” Bitcoin price analysis Bitcoin price has just broken out the contracting triangle covered in an earlier analysis today. The price is edging higher, while the buyers have their eyes glued on $8,300 and eventually $8,400 in the medium-term. The stochastic RSI on the 15-minutes chart is advancing upwards but currently stands at 56.75%, besides it seems to be stable above the oversold level at 30%. On the flip side, a short-term support is highlighted at $8,250. The simple moving averages on the same chat will also offer support at the bullish trendline above the stronger support at $8,200. Bitcoin dipped below $8,100 during the trading session yesterday, although it bounced back up supported by the trendline. The 61.8% Fib retracement level close to $8,200 has held ground since the start of the session on Thursday. BTC/USD 15-minutes chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next When are the US durable goods orders data and how could they affect DXY? FX Street 5 years It is likely that most of the traders are trying to deleverage the contract holder. Bitcoin price breaks out of the contracting triangle; the target is on $8,300. A top contract holder on OKEx cryptocurrency exchange recently purchased $320 million of Bitcoin on leverage. Crypto News suggests that the entry price could have been $7,700. Moreover, it is likely that most of the traders are trying to deleverage the contract holder. At the same time, there is a chance that he might not be able to exit at a reasonable price and the contract could expire. Crypto News on Twitter… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
