Whilst trading volumes have gone down from yesterday’s trading session, selling pressure also seems to have gone down with them. BTC/USD could be entering an uptrend as it’s has already started flirting with $775.
Major Signals
- Selling pressure still has a strong presence in the market, yet large sell orders in the ongoing trading were so far counteracted by back to back buy orders.
- There’s resistance at $775 but no large sell walls to make a break through resistance seem improbable at the time.
- Futures markets also seem to be riding on the optimism as market rates have spiked amid increased trading volumes.
Bitfinex BTC/USD went came through with a price rise lead by a few substantially large back to back buy orders, but has since managed to maintain price levels above $770. What’s worth noting is that the market overcame what could have been a downturn right after the rise, and successfully recovered from large sell orders pushing the price down.
It remains to be seen if the market will eventually succumb to the selling pressure or eventually break through resistance. The price that’d be needed to pay for the BTC/USD rate to rise above $775 might not be that large, but selling pressure sure does make it harder. What’s for sure is that for the price level to be sustained after a potential price rise. Which is something that the market might not be ready for at the moment.
Futures markets are equally bullish after the spike in live BTC/USD markets. Its transcendence in OKCoin BTC/USD weekly futures markets was near instant and futures markets have since been following an uptrend.
Overall, the bullish market sentiment from yesterday’s trading session seems to have received a steamy continuation. Yet selling pressure still holds strong, and a break through resistance levels would require substantial support to be formed for higher to be preserved. At this point, it’s uncertain if such support could be stemmed from the current market outlook, yet many traders seem to be counting on such a followup.