Hey guys,
First time on TradingView.
After a massive selloff and a break out below the 10,000$ level the BTCUSD pair continue to fall.
1) Market Analysis
Since last week a lot of concerns emerged on the ongoing crackdown in bitcoin trading and mining in South Korea,
after the Korean government banned cryptocurrency trading.
Furthermore the Korean governement still want to shutdown the exchangers.
Again China is still weighing heavily on bitcoin price and other cryptocurrencies.
Many psychological break levels were reached, that led more sellers into an exacerbated drop.
Now is time to look for some opportunity to buy cheap.
2) Technical Analysis
The long term 200 SMA is under the 100 SMA we are on the path to a resistance level at 9,000$ for our dynamic support.
The stochastic oscillator is ready to push higher however there is some space before hitting oversold levels.
That imply the bitcoin price could still dip to the ascending trend line at the $9,000 level.
In day to day trading a potential come back in the bullish momentum should lead to a move up near $12,500.
3) Futures Analysis
The CME Bitcoin Futures curve is in contango with 11,500$ for the Feb 2018 contract.
Furtermore we saw more activity in the day to day volume at x2 Standard deviation ratio from the 1M average.
And the open intereset are increasing.
We are reasonnably bullish for Feb18.
4) Principal Component Analysis
Our Principal Component analysis applied to the bookorder gave us some reason to sell our position yesterday with a massive bearish high frequency leader on bitfinex.
However the big bearish player could be in pause now. We will be cautious during the next 48h to start our bullish strategy.
Gui
First time on TradingView.
After a massive selloff and a break out below the 10,000$ level the BTCUSD pair continue to fall.
1) Market Analysis
Since last week a lot of concerns emerged on the ongoing crackdown in bitcoin trading and mining in South Korea,
after the Korean government banned cryptocurrency trading.
Furthermore the Korean governement still want to shutdown the exchangers.
Again China is still weighing heavily on bitcoin price and other cryptocurrencies.
Many psychological break levels were reached, that led more sellers into an exacerbated drop.
Now is time to look for some opportunity to buy cheap.
2) Technical Analysis
The long term 200 SMA is under the 100 SMA we are on the path to a resistance level at 9,000$ for our dynamic support.
The stochastic oscillator is ready to push higher however there is some space before hitting oversold levels.
That imply the bitcoin price could still dip to the ascending trend line at the $9,000 level.
In day to day trading a potential come back in the bullish momentum should lead to a move up near $12,500.
3) Futures Analysis
The CME Bitcoin Futures curve is in contango with 11,500$ for the Feb 2018 contract.
Furtermore we saw more activity in the day to day volume at x2 Standard deviation ratio from the 1M average.
And the open intereset are increasing.
We are reasonnably bullish for Feb18.
4) Principal Component Analysis
Our Principal Component analysis applied to the bookorder gave us some reason to sell our position yesterday with a massive bearish high frequency leader on bitfinex.
However the big bearish player could be in pause now. We will be cautious during the next 48h to start our bullish strategy.
Gui
The trade idea was here but we was to preservative.