Bitcoin analysis. Day one of Bitcoin futures trading (#14)
From 6 pm yesterday futures trading on CBOE is on. Nothing spectacular had happen from the beginning of trading. Bitcoin price had rebounced from the MA90 average and break through the resistance line formed after price headed downwards.
Price is still in correction mode and double top pattern is forming but is not complete yet. If price descent to the 50% Fibonacci retracement level again the neck line of double top pattern will be reached. With this pattern completion chances are high that downtrend will prevail. We shall monitor the situation for a few hours and than make a decision. MACD and RSI oscillators are also in descent. This could be also a tiny clue that maybe downtrend is coming.
Despite the Chicago Board Options Exchange (CBOE) website outages, there was not disrupting in Bitcoin futures trading. Also main crypto exchanges was stressed, but nothing crucial fallen apart because of heavy traffic.
But anyway, we must be aware that big boys is preparing to take action. The old school whales, about thousand of then, who control roughly 40% of Bitcoin supply are not to interested in price surge. Uptrend is right solution for them and they will probably stay Hodlers (Hold On (bitcoin) for Dear Life). The other herd of whales come from Wall street. These are killer whales. Their plan is to short Bitcoin price and profit from crashing market down.
It could happen that small ordinary investors, who own a little part of all Bitcoins could find themselves in the middle of perfect volatility storm. Hodlers will hodl and not participate much in trading and killer whales will massacre a flock of small fish. Maybe I'm a little to pessimistic.
Previous analysis: #11, #12 , #13. Is good to check them out to get insight into my reasoning. Also chech updates: #15, #16.
Image sources: Investing.com
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Let steem on, to the bright future!
@tombort - great analysis man! Followed, upvoted and resteemed!
Glad to hear this! Will be more
I'm glad to help in this wild west crypto word full of storms.
Cheers man. I will be watching closely for more!
Thank you for the solid information...following
No problemo amicos!