We finally got some action on Sunday as the weekend came to a close. As the 15M candle chart above shows, a sharp 7% drop in spot markets across the board hit. This was a clear sign that the bear trend that we have had since the $500 test is fully in play.
To get a better appreciation for this let's zoom out to the 6H candles:
To get a better appreciation for this let's zoom out to the 6H candles:
The trend is clearly down, and has been for a good week. And as I noted earlier, the premiums in the futures market have deflated to discounts and flat, and the CNY/USD premium has also disappeared. Barring some serious Chinese bull FOMO, we are in for a continuation of this bear trend in the short-run. This may be in effect potentially until 2016 where we may start trying to move back up as the Halvening and more exciting news comes through the pipeline.
There's also still hope that the $300 support level holds, and if it does, we could at least start carving out a range higher than we have been in most of 2015 with $300 being the resistance level. Year-to-date resistance becoming support would be a major point in favor of the bull case.
However, for now, the bears are winning. Protect your coins and hedge wisely. See the futures exchanges to discover your options.
There's also still hope that the $300 support level holds, and if it does, we could at least start carving out a range higher than we have been in most of 2015 with $300 being the resistance level. Year-to-date resistance becoming support would be a major point in favor of the bull case.
However, for now, the bears are winning. Protect your coins and hedge wisely. See the futures exchanges to discover your options.
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