The Bitcoin price in USDollar term was trashed after another Chinese drama. People’s Bank of China held a closed-door meeting with several domestic bitcoin exchanges on Wednesday. These caused a panic sold-offs on Wednesday as much as 4%. On Friday, Huobi and OKCoin suspended Bitcoin and Litecoin withdrawal for a month prompted another price purge. The latest PBOC measures are mainly affecting Chinese-based BTc exchanges and traders but the BTC sprculators outside mainland China reacted and squabbling on the next commotions. The BTC price gave up around 11% and had since recovered at least half of those loses. Price recourse on the way up as speculators still bang on the hope on the potential ETF spearheaded by the Winklevoss brothers would approve by Securities and Exchange Commission(SEC) as early as next month. Three-and-a-half years ago, they filed with the Securities and Exchange Commission to offer a bitcoin exchange-traded fund, or ETF, named the Winklevoss Bitcoin Trust, to trade under the ticker symbol COIN. The proposal has been updated around a couple dozen times, and the SEC has asked for public comments more than once and repeatedly extended the timeline on its decision. The Japanese growing cryptocoin interests and international buyers are stepping in to further diluting Chinese influence in the Bitcoin.
BTC/USD Technical Outlook 11 February 2017
Important BTC/USD price levels to marked,
Year High – $1164.01 (January 05 2017)
Year Low – $760 (January 12 2017)
BTC/USD Daily chart. Data source : CEX.io
BTC/USD price is ozing up in a tightening triangle symmetric channel. The price managed to pushed up to above 1,000 and looking set to continue its recovery on strong buying crowd. Please take a look on the vital price level based on Fibonacci Retracement methos below.
Important Price Levels for the Immediate Term Based on Fibonacci Retracement Approach
Crucial Resistance Levels
1077.77 (0.786 Fibonacci Retracement Level)
1164.01 (Year High on January 05 2017)
Crucial Support Levels
962.51 (0.5 Fibonacci Retracement Level)
914.95 (0.382 Fibonacci Retracement Level)
856.11 (0.236 Fibonacci Retracement Level)
Meanwhile, XBT/USD Futures (BTC7D) on BitMEX
XBT/USD Futures (BTC7D) 60-minutes chart BitMex.
The XBT/USD Futures is slightly below 1,000 at the moment at BitMEX.
On BitMex, the XTC derivative is in the form of a Futures Contract and allows traders to speculate on the future value of the Bitcoin / Bitcoin (XBT/USD) exchange rate. Traders need not have Bitcoin to trade the futures contract as it only requires Bitcoin as margin.
Trade Bitcoin on BitMex Futures
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Chart via tradingview, data source from CEX.io, Coinbase, BitMex.
The author is a self-described cryptocurrency activist. Ironically, he is not involved directly on the development and mining. But a keen trader that specifically studying and analyzing the chart and prices based on zen principles of candlesticks price action techniques. And most importantly, he is always prone to deceiving price movements that can exposes to trading losses. So trading based on his personal opinions is extremely risky and not advisable.