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Author Topic: BTC/USD Stabilises in $350s as Bullish Futures Market Sentiment turns Neutral  (Read 232 times)
bitcoinmarkets
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December 02, 2015, 09:11:19 AM
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Link here: http://www.bitcoinfuturesguide.com/bitcoin-blog/btcusd-stabilises-at



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%:



Let's zoom out and take a look at Houbi on the 12-hour candles:



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:



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.

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