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Title: BTC/USD Stabilises in $350s as Bullish Futures Market Sentiment turns Neutral Post by: bitcoinmarkets on December 02, 2015, 09:11:19 AM Link here: http://www.bitcoinfuturesguide.com/bitcoin-blog/btcusd-stabilises-at (http://www.bitcoinfuturesguide.com/bitcoin-blog/btcusd-stabilises-at)
http://www.bitcoinfuturesguide.com/uploads/6/4/6/5/64656757/9008322_orig.png I'll cut to the chase: this doesn't look good. We had a 10% drop from the local peak and support seems to barely be holding on here in the $350's. Over in China the CNY premium to Bitfinex USD is back down to around 1%: http://www.bitcoinfuturesguide.com/uploads/6/4/6/5/64656757/8149400_orig.png Let's zoom out and take a look at Houbi on the 12-hour candles: http://www.bitcoinfuturesguide.com/uploads/6/4/6/5/64656757/9054488_orig.png Depressing. Three red candles in a row and recent support is still a couple 100 CNY lower. If this trend down continues we could be testing 2000 CNY or 300 USD this week. Sentiment-wise, the futures markets are showing a mixed or neutral spread right now. OKCoin Quarterlies are at about a 2% premium to the index, and Weeklies are at parity with two days to settlement: http://www.bitcoinfuturesguide.com/uploads/6/4/6/5/64656757/3053677_orig.png So the sentiment would not be classified as bearish by any means, we still have a healthy premium on quarterlies with 1 month out to expiration, and we've already had a decent pullback and found some support. If this holds we could retest the $380 level and hopefully try to stick around longer than 24 hours like last time. |
