Link here:
http://www.bitcoinfuturesguide.com/bitcoin-blog/btcusd-stabilises-at![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fwww.bitcoinfuturesguide.com%2Fuploads%2F6%2F4%2F6%2F5%2F64656757%2F9008322_orig.png&t=664&c=QRki1iBtCq0Cwg)
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%:
![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fwww.bitcoinfuturesguide.com%2Fuploads%2F6%2F4%2F6%2F5%2F64656757%2F8149400_orig.png&t=664&c=B_12F9YxWkcrXw)
Let's zoom out and take a look at Houbi on the 12-hour candles:
![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fwww.bitcoinfuturesguide.com%2Fuploads%2F6%2F4%2F6%2F5%2F64656757%2F9054488_orig.png&t=664&c=8Esii9D6ex86yA)
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:
![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fwww.bitcoinfuturesguide.com%2Fuploads%2F6%2F4%2F6%2F5%2F64656757%2F3053677_orig.png&t=664&c=Pb7wYEt4KoxHKQ)
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.