Industry news:
As reported by Business Times, the BitMEX exchange run by Arthur Hayes is demonstrating the biggest trading volume of Bitcoin futures - $1.06 bln or – open interest, in other words.
Major BTC traders are trying to make profits on digital gold by trading BTC-based derivatives, such as futures contracts.
Technical view:
Bitcoin did exactly what I expected last week and our first target at the price of $10.390 has been reached. Next potential downward target is set at the price of $9.450.
Pink lines – Larger symmetrical triangle in play
Black lines - Channel
Green falling line – Expected path
I still expect potential new wave for potential fulfill of the lower symmetrical triangle boundary. Additionally, I found that momentum on the upside decreasing in last up wave, which is indication for the weak buyers on the market. Key support is at $9.450 and resistance at $11.000 and $11.200. Bulls need to be very cautious as there is strong aggressive selling from the key resistance. As long as the Bitcoin is trading below $11.200, I would watch for selling opportunities. Watch for selling opportunities on the rallies on lower frames 5/15 for better timing.
