Heavy Selling Puts Bears Back In Driver Seat Going Into Weekend

[bitcoinmarkets]

Source here: http://www.bitcoinfuturesguide.com/bitcoin-blog/heavy-selling-puts-bears-back-in-driver-seat

Thursday night, Friday morning saw some heavy selling on all USD and CNY exchanges. The damage can be seen here:

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 here:

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.

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[elDano]

I am not a fan on those so called news analysist.

But, let see if the turbulent weekend regarding the bitcoin price wil happened. Some action is always appreciated right.

[Snorek]

That is what I was afraid of. Here we go again, soon we will be back firmly in the $200-$300 range which has kept bitcoin markets stagnant for the better part of the year.
It will become reality when Bitcoin fell under $300 range. But if you can to prevent this!

[1Referee]

That is what I was afraid of. Here we go again, soon we will be back firmly in the $200-$300 range which has kept bitcoin markets stagnant for the better part of the year.
It will become reality when Bitcoin fell under $300 range. But if you can to prevent this!

Don't let the lower price discourage yourself. We as average traders can't do anything beside trying to support the $300 level.

If it indeed falls below $300 and it goes even lower to the familiar $240-$250 levels, then it just shows how low the demand currently is.

[coinpr0n]

That is what I was afraid of. Here we go again, soon we will be back firmly in the $200-$300 range which has kept bitcoin markets stagnant for the better part of the year.
It will become reality when Bitcoin fell under $300 range. But if you can to prevent this!

Don't let the lower price discourage yourself. We as average traders can't do anything beside trying to support the $300 level.

If it indeed falls below $300 and it goes even lower to the familiar $240-$250 levels, then it just shows how low the demand currently is.

I was hoping we could piggy-back off the bubble and sustain a price somewhere above $300 ... going below only puts us back to where we were before, but it will not be a good signal for the shorter term.

[Denker]

That is what I was afraid of. Here we go again, soon we will be back firmly in the $200-$300 range which has kept bitcoin markets stagnant for the better part of the year.
It will become reality when Bitcoin fell under $300 range. But if you can to prevent this!

Don't let the lower price discourage yourself. We as average traders can't do anything beside trying to support the $300 level.

If it indeed falls below $300 and it goes even lower to the familiar $240-$250 levels, then it just shows how low the demand currently is.

I was hoping we could piggy-back off the bubble and sustain a price somewhere above $300 ... going below only puts us back to where we were before, but it will not be a good signal for the shorter term.

Relax mate. This morning when I got up and checked the price it was 317.
Right now we are at 322. Still above 300 and no dramatic decline after that bs news of the g7 regarding digital currencies and Bitcoin.
I'm not worried that much at the moment.

[ultimatesky]

I'm good, as long as we stick arond the $300 I'm alright

You won't hear me complain

[botany]

I'm good, as long as we stick arond the $300 I'm alright
You won't hear me complain

My sentiments exactly. We have had a good run over the last 2 months.
The bears can have their day or two.

[ultimatesky]

I'm good, as long as we stick arond the $300 I'm alright
You won't hear me complain

My sentiments exactly. We have had a good run over the last 2 months.
The bears can have their day or two.

Yes we did. I think we all should just sit back for now. I'm hoping that we'll get off on a good start next year.

[NorrisK]

It seems more like the bears have been crushed already..

Price moving steadily back to 320-330 ranges. Was just some short profit taking and I guess we are now in the new normal range.

[lumeire]

Maybe the sells were caused by mainstream media spreading info that bitcoin is terrorist money. Just let the issue cool off, I'm thinking the new floor is actually $340  to 350, which will be attained in the next few weeks.

On other news, NASDAQ Linq has formally debuted. Let's see how this would affect the current price.

[Pab]

No it will not,not so much move on btc right now.Bitcoin is resting  now