Bitcoin is testing it's all time high at resistance levels of 7,700 USD and above today. We may be witnessing rapid consolidation and the beginning of another bullish breakthrough event for the legendary cryptocurrency. Now that the Bitcoin cash BCH and Segwit2X battles have been fought and won, the question arises, is there any enemy left that is worthy to step into the ring with the mythical crypto OG? It would have been expected to see a longer consolidation period for bitcoin after last weeks battles left some blood on the floor before this new resistance testing today, or to see a slight pullback, but nothing seems impossible now with this warrior. When your hot your hot!
The announcement that a futures trading platform on the Chicago Merchantile Exchange CME is coming in mid December only fuels the speculation that 10,000 USD is now within it's reach but at this rate bitcoin may reach 10k before that new platform even opens. And, if the rumors of a February announcement for Amazon, the world's largest retailer, to accept bitcoin for goods actually happens then 2018 could become bitcoin's biggest year ever for gains. Leaving it's detractors scratching their heads and it's investors counting their profits. More new money is coming into the crypto realm every day that passes and most of that fiat currency is finding it's way into bitcoin. Hold onto your seats this ride is far from over!
Chart image from Cryptocurrency Market Cap
I don't think crypto or bitcoin is in a bubble, however bitcoin has risen exponentially with few solid support levels. It's gonna be a long way down if/when it retraces significantly. that hasn't happened since 3000. arguably even 1800. It'll break 8000 though easy. we'll see what CME brings!
At this point 5,600 area is a pretty solid support line in my analysis, and I dont see anything right now that will force it to test those lows but there is something known as the future so we will see. Good luck!
Thank you as well. The futures market will be very interesting.
now the Swiss want in- breaking
Swiss bank to launch bitcoin futures
https://www.reuters.com/article/us-vontobel-bitcoin/swiss-bank-to-launch-bitcoin-futures-to-allow-betting-against-cryptocurrency-idUSKBN1DG2CX?feedType=RSS&feedName=technologyNews