Thursday night, Friday morning saw some heavy selling on all USD and CNY exchanges. The damage can be seen in the above chart.
The bears seem to be fully back in control of this market now. We were unable to meaningfully break the 4H resistence around $350 and when bitcoin fails to make moves long enough, it ends up going the other direction.
Futures premiums are also indicating more sell pressure, see chart below:
The bears seem to be fully back in control of this market now. We were unable to meaningfully break the 4H resistence around $350 and when bitcoin fails to make moves long enough, it ends up going the other direction.
Futures premiums are also indicating more sell pressure, see chart below:
OKCoin futures (which, recall, are inverse contracts) are at a discount now on Weekly (right before settlement) and small $2 premium on Quarterly expiree.
The BitMEX quanto contracts (which earn you more USD in bitcoin terms when you are long) are indicating basically flat. Normally you expect a small premium on these contracts to reflect the higher benefit from going long and profiting.
This weekend will be an interesting test of whether the $300 support will hold or if the bears are ready to take this into the sub-300 area where we will be back in the dreaded 200-300 range which has plagued bitcoin markets for the better part of the year.
Watch the range and be ready for serious weekend action. The last weekend has been a bit bland, which is out of character. Settlement is coming up shortly and if anything noteworthy pops up, expect a report here.
Until then, happy trading.
The BitMEX quanto contracts (which earn you more USD in bitcoin terms when you are long) are indicating basically flat. Normally you expect a small premium on these contracts to reflect the higher benefit from going long and profiting.
This weekend will be an interesting test of whether the $300 support will hold or if the bears are ready to take this into the sub-300 area where we will be back in the dreaded 200-300 range which has plagued bitcoin markets for the better part of the year.
Watch the range and be ready for serious weekend action. The last weekend has been a bit bland, which is out of character. Settlement is coming up shortly and if anything noteworthy pops up, expect a report here.
Until then, happy trading.
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