Bitcoin Price Consolidating in Low $400's while pushing to 3000 CNY

eyeknock

sr. member

Activity: 381

Merit: 250

Quote from: pereira4 on March 02, 2016, 09:38:40 AM

It's great news, considering that we have been through very crucial and sensitive consensus meetings and we have gone through them with a stable price, without any of the relevant people on the circuit going Mike Hearn about things they may not like.
I think this summer will be fantastic for Bitcoin.

i have no doubt about it, and for me, seems like core devs was doing a great job with the latest releases "just in time" Wink

is like if they know what will happen soon and they are "preparing the ground"...

Spring is bringing us big things too, but of course the real change will be this summer, about the price, is only the beginning, i doubt that the current price will remain like now much more time.

Distinctin

hero member

Activity: 2772

Merit: 645

No dream is too big and no dreamer is too small

The consolidation in the last 4 months is good for the bitcon price action. The price is $465 now and is still rising.

pereira4

legendary

Activity: 1610

Merit: 1183

It's great news, considering that we have been through very crucial and sensitive consensus meetings and we have gone through them with a stable price, without any of the relevant people on the circuit going Mike Hearn about things they may not like.
I think this summer will be fantastic for Bitcoin.

bitcoinmarkets

member

Activity: 103

Merit: 10

www.bitcoinfuturesguide.com

Bitcoin has been pretty boring the past week after we had a really nice rally last week on the Roundtable consensus euphoria.
Before we look at the lower timeframes let's focus on the 12-hour candles in the chart above. You can see that we are near a little resistance up in the $450 area and we have consolidating

In the post-rally chart on the 2-hour candles there's basically just chop. The level has been holding but 3000 CNY was a brick wall for bulls and now it's struggling to break 2900 CNY. Lower highs signals momentum dying out which may mean a short-term pullback. But remember we are in a bull trend.

Let's look at futures premiums:

There's nothing excessive here, just normal annualized premiums, even a little low actually, with plenty of room for bulls to FOMO it up.
Note that the OKCoin quarterly contract expires on March 25, and the June 24 contracts will be issued next week on OKCoin at March 11th, when the March 25 contract becomes Biweekly and there's a new Quarterly issued.
Bitcoin can't sit still for long before it starts to move. The 1-day bollinger bands are starting to tighten and we're going to be poised for a break later this week, so be prepared for a move.

Practice trading BTCUSD demo risk-free using play money or try high-leverage trading at BitMEX

see web version: http://www.bitcoinfuturesguide.com/bitcoin-blog/bitcoin-consolidating-in-low-400s-while-pushing-to-3000-cny

Topic: Bitcoin Price Consolidating in Low $400's while pushing to 3000 CNY (Read 369 times)