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 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.