Industry news:
An important indication of the past and the future of any asset class is the derivatives market and based on the current Bitcoin trend, its market is showing signs of life.Since the beginning of the month, Bitcoin has surged by 8.5 percent, breaking the $9,000 mark after falling below amidst the global sell-off owing to Covid-19 fears. The drop in Bitcoin's price and the global market meltdown stopped derivatives traders from closing out their positions, but now it looks like they're back.
According to data from Skew markets, the liquidity on top exchanges is increasing as volumes tend to stabilize. BitMEX, the veteran derivatives platform headquartered in Seychelles, has seen a massive drop in its $10 million Bid/Offer spread for its Bitcoin Futures contracts.
Technical analysis:
BTC been trading sideways at the prrrice of $9.116.The price reached the resistance at the $9.100 and its on the decision level. I found potential end of the upward correction and completed ABC pattern.
I would watch for selling opportunities and downward tarrgets at the prrice of $8.210 and $7.678.
Stochastic is in overbought zone and it is good confirmation that buying looks risky and selling preferable.
Resistance level is set at the prie of $9.280
Support levels and downward targets are set at the price of $8.210 and $7.678
