ridethepig | BTC Market Commentary 2019.11.28
Updated
BTC - After a big wave of international BTC buying yesterday, the London open has been rather calm - foreign accounts continued their USD selling but in much smaller sizes. On the news front, in the evening there was a headline saying “Bakkt Bitcoin Futures reached a record high” - important for those positioning for Bakkt Bitcoin Options contracts on Dec 9th.
Still patiently sitting on hands waiting for the breakout which looks ready to come in the next few sessions:
We can comfortably lean on the long-term chart as long as the market remains above the widely mentioned 6200.x
Overall, I want to be constructive on BTC given relative hawkishness in comparison to other major cryptos, expecting the bid tone to continue with dips being quickly absorbed by the market. Dips in BTC are likely to be shallow from here as we approach the Options launch. I remain bullish BTC, look for a break of 7800 in BTC$ to unlock the significant targets to the topside.
Thanks for keeping the likes and comments coming and as usual jump in with your charts and ideas - Best of luck all those buying or tracking the "Bakkt Floor" !!
Still patiently sitting on hands waiting for the breakout which looks ready to come in the next few sessions:
We can comfortably lean on the long-term chart as long as the market remains above the widely mentioned 6200.x
Overall, I want to be constructive on BTC given relative hawkishness in comparison to other major cryptos, expecting the bid tone to continue with dips being quickly absorbed by the market. Dips in BTC are likely to be shallow from here as we approach the Options launch. I remain bullish BTC, look for a break of 7800 in BTC$ to unlock the significant targets to the topside.
Thanks for keeping the likes and comments coming and as usual jump in with your charts and ideas - Best of luck all those buying or tracking the "Bakkt Floor" !!
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