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Technical analysis of BTC/USD for Nov 12, 2019
Crypto Industry News:
Daily volumes of Bitcoin futures contracts on the Bakkt digital asset platform have reached a new record, with 1,741 futures contracts on November 9. The new record volume coincides with a sharp drop in the price of Bitcoin, below $ 9,000.
“Today we set a new daily record on 1756 Bitcoin Bakkt futures,” the company writes.
A Twitter account dedicated to Bakkt forward volume data, Bakkt Volume Bot, also drew attention to development. In addition, the daily volume of 1,741 (about $ 15.5 million) is an increase of 109% compared to 834 contracts from the day before, with each contract being equivalent to one Bitcoin.
Physically billed monthly volumes of Bakkt Bitcoin trading have been steadily increasing since they were launched. In October, volumes reached a new record in history – 452 contracts were sold.
On October 26, Bakkt traded 1,183 Bitcoin futures contracts after registering a staggering 257% increase in 24 hours. It also coincided with a large price movement, through which Bitcoin exceeded the value of $ 10,000.
Technical Market Overview:
The BTC/USD pair has made another lower low at the level of $8,533 after the bears had broken below the key short-term technical support and the lower boundary of the narrow horizontal trading zone located at the level of $8,836. The momentum is still negative, so the further spike down might happen soon. The next target for bears is seen at the level of $8,474 and $8,048. Please notice the 61% Fibonacci retracement level is very close now as it is located at the level of $8,396.
Weekly Pivot Points:
WR3 – $10,032
WR2 – $9,933
WR1 – $9,413
Weekly Pivot – $9,012
WS1 – $8,510
WS2 – $8,085
WS3 – $7,592
Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.
The material has been provided by InstaForex Company – www.instaforex.com
