Source here:
http://www.bitcoinfuturesguide.com/bitcoin-blog/heavy-selling-puts-bears-back-in-driver-seatThursday night, Friday morning saw some heavy selling on all USD and CNY exchanges. The damage can be seen here:
![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fwww.bitcoinfuturesguide.com%2Fuploads%2F6%2F4%2F6%2F5%2F64656757%2F1848584_orig.png&t=665&c=AJWILkCeJrm75w)
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:
![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fwww.bitcoinfuturesguide.com%2Fuploads%2F6%2F4%2F6%2F5%2F64656757%2F7442096_orig.png&t=665&c=JNMKClfla34sZw)
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.