Bitcoin has been finding a bit of a range in the past week, holding strong in the mid 400s, as Bitstamp price above indicates.
However sentiment is starting to point bearish as indicated from the bitcoin futures markets, here's OKCoin right now:
However sentiment is starting to point bearish as indicated from the bitcoin futures markets, here's OKCoin right now:
We've got negative rates out to the biweeklies, and quarterlies have a tiny premium relative to its standard amount, with annualized delta at around 10%.
Volume is really starting to drop off as we get into the holidays and the multiply failures in China to break 3100 CNY are giving bears some confidence in where they think the price is going to go. Here's Huobi's daily chart:
Volume is really starting to drop off as we get into the holidays and the multiply failures in China to break 3100 CNY are giving bears some confidence in where they think the price is going to go. Here's Huobi's daily chart:
So it's kind of understandable why bears are roaring right now, we've got multiple red daily candles, a nicely rounded top, with momentum pointing down now. We're also coming off a major move up from 2000 CNY to over 3000 CNY, so it would not be unusual to get some mean reversion here for a nice pullback.
Bulls are probably looking at even longer timeframes and arguing that we are just getting started in the move up, here's the Weekly candles from Bitfinex:
Bulls are probably looking at even longer timeframes and arguing that we are just getting started in the move up, here's the Weekly candles from Bitfinex:
So there's some hope still for bulls, even if sentiment in the market is really bearish right now. We'll see what the final week of the year brings for the market as the West celebrates Christmas.
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