It's a great job to do daily analysis of bitcoin price.
Bitcoin price just reach $1080 on preev.com last time I checked.
Bull run seems unstoppable for now, bitcoin global volume trading keep on buy lane and more adopters realize to not sell if the price hit certain point. I'm wondering which side of area that gave so much effect to bitcoin price, what reasons/community behind it.
Topic: Daily Bitcoin Price Analysis from Crypto-News.net - page 7. (Read 10533 times)
4.1.2017
Bitcoin Price Keeps Rising While Above $1000 Levels
Bitcoin’s price seems to have quickly and completely shaken off the negativity preceding past trading session. As trading volumes are still above average in spite of not going up, the selling pressure that was plaguing the market seems to have been significantly limited.
Major Signals
Bitfinex BTC/USD charts make it apparent that the market was perfectly ready to welcome another bull run in spite of yesterday’s brief negativity. A long upward patterns caused by substantial back to back buy orders appears to be the result of this trading session.
While BTC/USD markets appear to be lead by yet another rally it’s important to remember what’s been leading the market to such movements. Yesterday’s somewhat bearish trading session appears to have been followed by a short lived sideways trend and today’s price rise happens amidst trading volumes lower since that time. This is an important point as to how substantial the latest rise could be in the short term.
Futures markets are surely following a less smooth path to the top. Perhaps futures traders were more skeptical about the potential a continuation to the rally could have. However, the end result appears to be a proper follow up to movements of live BTC/USD markets.
Overall, the positivity appears to be evenly split among markets, but some traders appear to be losing confidence in the short term potential of the current rally, perhaps thinking that it could have already reached its peak.
Analysis:
https://www.crypto-news.net/bitcoin-price-keeps-rising-while-above-1000-levels/
Bitcoin Price Keeps Rising While Above $1000 Levels
Bitcoin’s price seems to have quickly and completely shaken off the negativity preceding past trading session. As trading volumes are still above average in spite of not going up, the selling pressure that was plaguing the market seems to have been significantly limited.
Major Signals
- A support level for levels more closer to $1000 has not formed yet as the price was trading below this level just a day ago, but there seem to be substantial buy walls a little below current levels.
- Buying pressure is once again having a visible impact on the market and for now, it doesn’t seem to be fighting a tough battle with large sell orders.
- Τhe price spikes are pushing the price to new highs since 2013 above $1000 levels, and it currently looks like there’s no stopping to the rally’s momentum as it stands as the price climbs closer to $1050.
Bitfinex BTC/USD charts make it apparent that the market was perfectly ready to welcome another bull run in spite of yesterday’s brief negativity. A long upward patterns caused by substantial back to back buy orders appears to be the result of this trading session.
While BTC/USD markets appear to be lead by yet another rally it’s important to remember what’s been leading the market to such movements. Yesterday’s somewhat bearish trading session appears to have been followed by a short lived sideways trend and today’s price rise happens amidst trading volumes lower since that time. This is an important point as to how substantial the latest rise could be in the short term.
Futures markets are surely following a less smooth path to the top. Perhaps futures traders were more skeptical about the potential a continuation to the rally could have. However, the end result appears to be a proper follow up to movements of live BTC/USD markets.
Overall, the positivity appears to be evenly split among markets, but some traders appear to be losing confidence in the short term potential of the current rally, perhaps thinking that it could have already reached its peak.
Analysis:
https://www.crypto-news.net/bitcoin-price-keeps-rising-while-above-1000-levels/
3.1.2017
Bitcoin Price Keeps Rising After 3 Year High
Bitcoin markets have remained bullish after a significant break through resistance and three year high point. The price kept rising throughout the first day of the year after rising above 1000$ levels, with trading volumes remaining relatively high.
Major Signals
Bitfinex BTC/USD makes it apparent that post-rally volatility has surely started settling in. While trader’s aren’t necessarily losing confidence in the rally, provided that recoveries from downward spikes were swift, some traders are surely cashing out; perhaps thinking that this might be a peak point.
The recovery following the recent downward spikes seems to be driving the price at levels around $1020, yet some selling pressure seems to be making an appearance, trailing behind large downward spikes that the market has recovered from.
Future’s markets don’t seem to be in consistency with the recent halt in the short uptrend of live markets. While downward spikes were also reflected in OKCoin’s weekly futures markets, the marginal difference between the markets still remains large and downward spikes don’t seem to be affecting future’s prices as severely.
Overall, it’s important to note that volatility is sure to be expected after such a significant break through resistance. The price might have briefly fallen below the recently achieved level of $1000 but this doesn’t imply an end to the long term uptrend. Especially since the market
Full analysis: https://www.crypto-news.net/bitcoin-price-keeps-rising-after-3-year-high/
Bitcoin Price Keeps Rising After 3 Year High
Bitcoin markets have remained bullish after a significant break through resistance and three year high point. The price kept rising throughout the first day of the year after rising above 1000$ levels, with trading volumes remaining relatively high.
Major Signals
- Market sentiment kept being bullish, as selling pressure had no apparent effect on the market, with large sell orders being recovered from in a matter of minutes.
- Large sell orders have however now started making an appearance as more traders might be feeling that the rally has reached a peaking point.
- It also became apparent that no support levels are here yet to keep the price above 1000$ as large sell orders managed to make the price fall at below $995 levels.
Bitfinex BTC/USD makes it apparent that post-rally volatility has surely started settling in. While trader’s aren’t necessarily losing confidence in the rally, provided that recoveries from downward spikes were swift, some traders are surely cashing out; perhaps thinking that this might be a peak point.
The recovery following the recent downward spikes seems to be driving the price at levels around $1020, yet some selling pressure seems to be making an appearance, trailing behind large downward spikes that the market has recovered from.
Future’s markets don’t seem to be in consistency with the recent halt in the short uptrend of live markets. While downward spikes were also reflected in OKCoin’s weekly futures markets, the marginal difference between the markets still remains large and downward spikes don’t seem to be affecting future’s prices as severely.
Overall, it’s important to note that volatility is sure to be expected after such a significant break through resistance. The price might have briefly fallen below the recently achieved level of $1000 but this doesn’t imply an end to the long term uptrend. Especially since the market
Full analysis: https://www.crypto-news.net/bitcoin-price-keeps-rising-after-3-year-high/
2.1.2017
Bitcoin Price Rises Above $1000
Bitcoin’s value appears to be surging close to all time highs in a rally that seems to be surprisingly prolonged. The market’s sentiment is back at being bullish while BTC/USD markets.
Major Signals
Bitfinex BTC/USD charts showcase the market’s bullish market sentiment. The fact that BTC/USD markets only kept rising with o correction after a large upward price spike pushed the price above the resistance.
While volatility is surely expected after such breaks through resistance it surely doesn’t appear to have set in yet. Most probably traders are waiting for the rally’s peak to maximize profits, hence why selling pressure seems to be falling back through the new price rise.
Futures markets follow the optimism with great exaggeration to upward movements today. More specifically, after the rally was realised OKCoin BTC/USD futures spiked, this way making the marginal difference between live markets and futures even greater than it was.
Overall, it’d be safe to say that the market’s sentiment is still reasonably bullish as long as BTC/USD rates remain close to the new peak level of $1000. While some selling pressure has made its appearance in the market it sure is no indicator that the long term rise is over among such a market sentiment. Perhaps the current rally might be slowing down but the overall uptrend is likely to continue, perhaps even in trading sessions of the following days.
Analysis from https://www.crypto-news.net/bitcoin-price-rises-above-1000/
Bitcoin Price Rises Above $1000
Bitcoin’s value appears to be surging close to all time highs in a rally that seems to be surprisingly prolonged. The market’s sentiment is back at being bullish while BTC/USD markets.
Major Signals
- Selling pressure continues being outmatched by buying orders as BTC/USD markets are once again bullish in spite of trading remaining close to the ones of previous trading sessions.
- The ongoing rise follows a price drop down to $950 levels and in spite of this great recovery taking shape from multiple back to back buy orders, a large one pushed the price above $1000 levels only for the market to continue the rise.
- The market’s sentiment is surprisingly bullish, as in spite of a significant break through resistance taking place the price has only kept rising since.
Bitfinex BTC/USD charts showcase the market’s bullish market sentiment. The fact that BTC/USD markets only kept rising with o correction after a large upward price spike pushed the price above the resistance.
While volatility is surely expected after such breaks through resistance it surely doesn’t appear to have set in yet. Most probably traders are waiting for the rally’s peak to maximize profits, hence why selling pressure seems to be falling back through the new price rise.
Futures markets follow the optimism with great exaggeration to upward movements today. More specifically, after the rally was realised OKCoin BTC/USD futures spiked, this way making the marginal difference between live markets and futures even greater than it was.
Overall, it’d be safe to say that the market’s sentiment is still reasonably bullish as long as BTC/USD rates remain close to the new peak level of $1000. While some selling pressure has made its appearance in the market it sure is no indicator that the long term rise is over among such a market sentiment. Perhaps the current rally might be slowing down but the overall uptrend is likely to continue, perhaps even in trading sessions of the following days.
Analysis from https://www.crypto-news.net/bitcoin-price-rises-above-1000/
31.12.2016
Bitcoin Price Bows to Selling Pressure, Reaches Below $930
As the rally pushing the price up seems to have been brought to an abrupt end by large sell orders in yesterday’s trading session profit taking seems to have started becoming a leading force in BTC/USD markets. Bitcoin’s price even fell below $930 but has since recovered above $950.
Major Signals
Bitfinex BTC/USD charts make it apparent that selling pressure stands behind more significant portion of the market’s movements in today’s trading session amids volatility. However, BTC/USD markets have not taken a complete downturn. All and all, It’s also important to remember bitcoin was trading below $900 on Christmas, a level that has not been breached yet.
While we didn’t see bitcoin’s price reaching above $1000, the fact that there’s support for levels above $900 after such breaks through resistance makes for a good base for the market’s future outlook. After all, volatility sure is expected after such rallies, and profit taking is always bound to take place.
Futures markets on the other hand,seem to have been exaggerating on sell orders quite a bit throughout this trading session, but the current recovery also appears to have received a proper follow through from futures traders in OKCoin’s BTC/USD Weekly Futures charts.
In summary, in spite of the fact that bitcoin’s price fell below $930, the recovery after that fall makes it feel like it’s not all gloom and doom in BTC/USD markets. The markets sentiment isn’t particularly bullish but traders were surely expecting such volatility as it’s not all bearishness either.
Full analisys on https://www.crypto-news.net/bitcoin-price-bows-to-selling-pressure-reaches-below-930/
Bitcoin Price Bows to Selling Pressure, Reaches Below $930
As the rally pushing the price up seems to have been brought to an abrupt end by large sell orders in yesterday’s trading session profit taking seems to have started becoming a leading force in BTC/USD markets. Bitcoin’s price even fell below $930 but has since recovered above $950.
Major Signals
- Trading volumes have persistently been much higher than average in the latest trading sessions, although today’s trading volumes are down compared to the ones of previous trading sessions.
- Selling pressure is outmatching buying pressure as more and more traders seem to be losing interest in riding an eventual continuation to the rise, letting, profit taking take over.
- The market’s sentiment certainly seems to have shifted away from how bullish it was at the peak of the rally, yet support for pre-rally levels has not been breached.
Bitfinex BTC/USD charts make it apparent that selling pressure stands behind more significant portion of the market’s movements in today’s trading session amids volatility. However, BTC/USD markets have not taken a complete downturn. All and all, It’s also important to remember bitcoin was trading below $900 on Christmas, a level that has not been breached yet.
While we didn’t see bitcoin’s price reaching above $1000, the fact that there’s support for levels above $900 after such breaks through resistance makes for a good base for the market’s future outlook. After all, volatility sure is expected after such rallies, and profit taking is always bound to take place.
Futures markets on the other hand,seem to have been exaggerating on sell orders quite a bit throughout this trading session, but the current recovery also appears to have received a proper follow through from futures traders in OKCoin’s BTC/USD Weekly Futures charts.
In summary, in spite of the fact that bitcoin’s price fell below $930, the recovery after that fall makes it feel like it’s not all gloom and doom in BTC/USD markets. The markets sentiment isn’t particularly bullish but traders were surely expecting such volatility as it’s not all bearishness either.
Full analisys on https://www.crypto-news.net/bitcoin-price-bows-to-selling-pressure-reaches-below-930/
next 24 hrs are criticalTM
30.12.2016
Bitcoin Price Down Through Post Peak Volatility
Bitcoin markets sure are hyperactive today, with trading volumes being close to historic highs. Yet somehow, selling pressure seems to once again be gaining ground. Bitcoin prices touched the bottom of $945 today and BTC/USD markets seems to be heavily affected by the volatility following the peak above $980.
Major Signals
Bitfinex BTC/USD charts make it clear that the recent fall in bitcoin’s price is mostly caused by incredibly large sell orders. While some might think that this could mark the end of the rally, another scenario would be that bearish traders were waiting for buying pressure to wear off so they could maximize profits.
Either way, bitcoin traders only seem to be following up with a hasty recovery after a downward spike when BTC/USD reached the bottom of $945 in the last few hours. The size of previous sell orders that caused downward spikes might have scared traders off betting in a recovery, and hence further falls followed.
Futures markets traders surely are big believers in today’s market mood. As of earlier downward spikes appeared to be greatly exaggerated whilst recoveries from live BTC/USD markets don’t seem to be receiving equivalent follow ups in futures markets. However, after the more recent bottom was reached in live BTC/USD markets, futures trades might be expecting a change in the market’s movements following such a drop.
Overall, the market’s sentiment seems to be affected by the events while going through a bearish trading session that feels like a post-rally correction. Yet, the fact that the drop was mostly caused by only a few large sell orders means that traders are still looking to pick up signals on what direction could be followed afterwards. It’d safe to say that the following hours are going to be crucial for BTC/USD markets.
Analasys with graphs: https://www.crypto-news.net/bitcoin-price-down-through-post-peak-volatility/
Bitcoin Price Down Through Post Peak Volatility
Bitcoin markets sure are hyperactive today, with trading volumes being close to historic highs. Yet somehow, selling pressure seems to once again be gaining ground. Bitcoin prices touched the bottom of $945 today and BTC/USD markets seems to be heavily affected by the volatility following the peak above $980.
Major Signals
- Bitcoin’s price sure seems to have stopped rising but trading volumes are at remarkably high levels still.
- Selling pressure pressuring the price down seems surprisingly sudden but comes through a prolonged price rally, after which volatility is expected.
- Major downward spikes caused by large sell orders aren’t really followed by swift recoveries so it’d safe to say that traders might be assuming a shift in the market’s sentiment.
Bitfinex BTC/USD charts make it clear that the recent fall in bitcoin’s price is mostly caused by incredibly large sell orders. While some might think that this could mark the end of the rally, another scenario would be that bearish traders were waiting for buying pressure to wear off so they could maximize profits.
Either way, bitcoin traders only seem to be following up with a hasty recovery after a downward spike when BTC/USD reached the bottom of $945 in the last few hours. The size of previous sell orders that caused downward spikes might have scared traders off betting in a recovery, and hence further falls followed.
Futures markets traders surely are big believers in today’s market mood. As of earlier downward spikes appeared to be greatly exaggerated whilst recoveries from live BTC/USD markets don’t seem to be receiving equivalent follow ups in futures markets. However, after the more recent bottom was reached in live BTC/USD markets, futures trades might be expecting a change in the market’s movements following such a drop.
Overall, the market’s sentiment seems to be affected by the events while going through a bearish trading session that feels like a post-rally correction. Yet, the fact that the drop was mostly caused by only a few large sell orders means that traders are still looking to pick up signals on what direction could be followed afterwards. It’d safe to say that the following hours are going to be crucial for BTC/USD markets.
Analasys with graphs: https://www.crypto-news.net/bitcoin-price-down-through-post-peak-volatility/
Cool thread. Maybe it will even help me on my trades. You cool dude. You cold as ice.
29.12.2016
Bitcoin Price Takes Off; Flirts All Time Highs
Bitcoin’s price has only kept rising every since yesterday’s trading session. This historic price rise is achieved throughout what seems to be one of the days with the highest trading volumes achieved in bitcoin markets since its inception.
Major Signals:
BTC/USD show that the market keeps rising with back to back buy orders, unlike to how it was progressing with just large buy orders a few days ago. This goes to show that traders are really taking it on themselves to be part of the ongoing rally and benefit from the market’s uptrend.
Profit taking and large sell orders amid this market sentiment keep being smashed once again, as even the largest sell orders were so far followed by a continuation to the price rise. The majority of traders sure are believers to the market’s short term uptrend and the all around bullish market sentiment.
Futures markets share the optimism, and even did so with great exaggeration. OKCoin BTC/USD weekly futures markets seem to have gone through a correction in the last few hours as a substantially large sell order squeezed the margin between live BTC/USD markets and futures significantly. While OKCoin weekly futures were nearing $1000 levels, a sell order exaggerating a downward spike of BTC/USD markets pushed futures rates down to $968 levels.
Summarizing, while supports for any levels above $900 isn’t certain yet the current price rally sure has a great momentum. One could argue that bitcoin is going through another bubble but markets have surely matured since 2013, and there surely is quite a bit of new money being spent into buying bitcoins so it wouldn’t be safe to assume that the ongoing rally is a result of price manipulation. Despite all this, seeing new highs wouldn’t seem unlikely with the momentum the market has.
Analasys from: https://www.crypto-news.net/bitcoin-price-takes-off-flirts-all-time-highs/
Bitcoin Price Takes Off; Flirts All Time Highs
Bitcoin’s price has only kept rising every since yesterday’s trading session. This historic price rise is achieved throughout what seems to be one of the days with the highest trading volumes achieved in bitcoin markets since its inception.
Major Signals:
- Futures are flirting with all time highs as they peaked just 5 USD away from $1000.
- Buying pressure is perhaps the strongest observed in BTC/USD markets ever since the 2013 bubble and perhaps even greater in terms of volumes.
- BTC/USD has been trading above $900 for almost three days no but the uptrend has not stopped since; support might be weak but the momentum of the rise is strong.
BTC/USD show that the market keeps rising with back to back buy orders, unlike to how it was progressing with just large buy orders a few days ago. This goes to show that traders are really taking it on themselves to be part of the ongoing rally and benefit from the market’s uptrend.
Profit taking and large sell orders amid this market sentiment keep being smashed once again, as even the largest sell orders were so far followed by a continuation to the price rise. The majority of traders sure are believers to the market’s short term uptrend and the all around bullish market sentiment.
Futures markets share the optimism, and even did so with great exaggeration. OKCoin BTC/USD weekly futures markets seem to have gone through a correction in the last few hours as a substantially large sell order squeezed the margin between live BTC/USD markets and futures significantly. While OKCoin weekly futures were nearing $1000 levels, a sell order exaggerating a downward spike of BTC/USD markets pushed futures rates down to $968 levels.
Summarizing, while supports for any levels above $900 isn’t certain yet the current price rally sure has a great momentum. One could argue that bitcoin is going through another bubble but markets have surely matured since 2013, and there surely is quite a bit of new money being spent into buying bitcoins so it wouldn’t be safe to assume that the ongoing rally is a result of price manipulation. Despite all this, seeing new highs wouldn’t seem unlikely with the momentum the market has.
Analasys from: https://www.crypto-news.net/bitcoin-price-takes-off-flirts-all-time-highs/
28.12.2016
Bitcoin Price Rallies Once Again as BTC/USD Flirts With $950
Bitcoin markets are back to rallying once again. With substantially large buy orders being the leading force in the preceding trading session, BTC/USD markets are certainly in for another rally.
Major Signals
Bitfinex BTC/USD charts highlight that traders are still highly supportive of another price rise as no resistance level has managed to keep the rise of bitcoin prices back. While large buy orders push the price up, profit taking seems to be limited to sell orders that seem small in comparison to those aiding the price rise.
With the market’s sentiment being outstandingly bullish, it’s also important to note that new post 2013 highs are reached among historically high trading volumes. Bulls are winning a tough fight, and the fact that today’s trading volumes are higher than yesterday’s already large ones is no joke.
Futures markets are also following through with the rally’s success. It seems like OKCoin BTC/USD traders have started exaggerating upward spikes ever so slightly after the notion that a correction could come in amidst the rally was dispelled. It’s also worth noting that the positive margin with which futures differentiate from live BTC/USD rates has grown bigger than it was in any trading sessions lately.
With extra optimism and in increasingly bullish market sentiment, it’d be safe to say that the price rise just keeps gaining momentum and the uptrend is doing remarkably well. While substantial buy walls have formed at $950 levels, bulls make it feel like such a resistance level could be chewed through with ease.
Analysis from https://www.crypto-news.net/bitcoin-price-rallies-once-again-as-btcusd-flirts-with-950/
Bitcoin Price Rallies Once Again as BTC/USD Flirts With $950
Bitcoin markets are back to rallying once again. With substantially large buy orders being the leading force in the preceding trading session, BTC/USD markets are certainly in for another rally.
Major Signals
- Buying pressure in the last few hours has managed to push the price close to $950, smashing any subsequent resistance.
- A few large back to back buy orders seem to be responsible for the ongoing price rise in BTC/USD markets as bulls seem to smashing selling pressure.
- The upward price spikes seem sudden yet the market’s reception indicates a bullish market sentiment as any correction after spikes is met with more buy orders.
Bitfinex BTC/USD charts highlight that traders are still highly supportive of another price rise as no resistance level has managed to keep the rise of bitcoin prices back. While large buy orders push the price up, profit taking seems to be limited to sell orders that seem small in comparison to those aiding the price rise.
With the market’s sentiment being outstandingly bullish, it’s also important to note that new post 2013 highs are reached among historically high trading volumes. Bulls are winning a tough fight, and the fact that today’s trading volumes are higher than yesterday’s already large ones is no joke.
Futures markets are also following through with the rally’s success. It seems like OKCoin BTC/USD traders have started exaggerating upward spikes ever so slightly after the notion that a correction could come in amidst the rally was dispelled. It’s also worth noting that the positive margin with which futures differentiate from live BTC/USD rates has grown bigger than it was in any trading sessions lately.
With extra optimism and in increasingly bullish market sentiment, it’d be safe to say that the price rise just keeps gaining momentum and the uptrend is doing remarkably well. While substantial buy walls have formed at $950 levels, bulls make it feel like such a resistance level could be chewed through with ease.
Analysis from https://www.crypto-news.net/bitcoin-price-rallies-once-again-as-btcusd-flirts-with-950/
I'll keep an eye on your bitcoin price analysis.
Thank you for doing it. Do you plan to do an analysis every day ?
Thanks for follow Thank you for doing it. Do you plan to do an analysis every day ?
Yes, we'll do it (almost) every day.
I'll keep an eye on your bitcoin price analysis.
Thank you for doing it. Do you plan to do an analysis every day ?
Thank you for doing it. Do you plan to do an analysis every day ?
I'll be posting daily bitcoin price analysis from Crypto-News.net
Those can be read under analysis section: https://www.crypto-news.net/category/trading/price-analysis/
27.12.2016
Traders can’t seem to stand by any significant downward pattern as any market downturn for BTC/USD rates till now has been reversed. Although trading volumes are still much higher than the averages, they’ve kept declining ever since the top of $920 was reached. Yet, BTC/USD markets peaked at this level once again.
Major Signals
Bitfinex BTC/USD markets were lead by strong selling pressure in the preceding trading session. Large trading volumes were consumed by back to back buy orders that pushed the price up close to the previous peak level. By this point, it’d be safe to say that the more obvious resistance levels at the moment sits around $920 levels.
However, this time the market might be more susceptible to a breakthrough. After a particularly bullish rally pushing the price to peak levels, sideways trading would most likely be followed by a continuation to previously ongoing patterns. Selling pressure also isn’t negligible at the moment, but given that the price being able to recover above $900 it surely is outmatched amidst this market sentiment.
Futures markets also seem optimistic, with an extra hint of exaggeration in upward price movements. OKCoin futures traders are surely welcoming the new bullish outbreak that came to the rescue only after BTC/USD rated had “plunged” below $860 in a day.
Over the course of the last few trading sessions, it’s been established that bulls aren’t having a particularly hard time breaking through resistance levels one after another; as bearish outbreaks are broken off pretty easily with the market’s sentiment changing so rapidly. This time bulls are faced with a challenging resistance level, which they’re now failing to surpass for the second time in the span of a few days. The following days could be detrimental for the continuation of the uptrend that still seems to be ongoing.
Those can be read under analysis section: https://www.crypto-news.net/category/trading/price-analysis/
27.12.2016
Traders can’t seem to stand by any significant downward pattern as any market downturn for BTC/USD rates till now has been reversed. Although trading volumes are still much higher than the averages, they’ve kept declining ever since the top of $920 was reached. Yet, BTC/USD markets peaked at this level once again.
Major Signals
- Trading volumes have kept falling ever since the previous peak, but this didn’t prevent the price from peaking at $920 once again.
- Buy walls above $900 are for once outweighing sell walls, something that indicated that the market might be settling at such levels.
- The more recent peak at $920 was followed by a correction and a so far persistent sideways trading trend.
Bitfinex BTC/USD markets were lead by strong selling pressure in the preceding trading session. Large trading volumes were consumed by back to back buy orders that pushed the price up close to the previous peak level. By this point, it’d be safe to say that the more obvious resistance levels at the moment sits around $920 levels.
However, this time the market might be more susceptible to a breakthrough. After a particularly bullish rally pushing the price to peak levels, sideways trading would most likely be followed by a continuation to previously ongoing patterns. Selling pressure also isn’t negligible at the moment, but given that the price being able to recover above $900 it surely is outmatched amidst this market sentiment.
Futures markets also seem optimistic, with an extra hint of exaggeration in upward price movements. OKCoin futures traders are surely welcoming the new bullish outbreak that came to the rescue only after BTC/USD rated had “plunged” below $860 in a day.
Over the course of the last few trading sessions, it’s been established that bulls aren’t having a particularly hard time breaking through resistance levels one after another; as bearish outbreaks are broken off pretty easily with the market’s sentiment changing so rapidly. This time bulls are faced with a challenging resistance level, which they’re now failing to surpass for the second time in the span of a few days. The following days could be detrimental for the continuation of the uptrend that still seems to be ongoing.
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