Struggling to think of a good Christmas present this year? Thinking of sending a gift that will be delivered in minutes, for the cost of a stamp? Me too, please let me know what you think of…
This year, Christmas day is on a Friday, which also happens to be the day a large amount of Bitcoin futures and options will expire. As we know, Bitcoin never sleeps and doesn’t do public holidays. The December 25th expiry will likely be met with an unusually thin day of liquidity, which in turn could bring some Bitcoin sized volatility to Santa’s stocking filler.
So far this year, the expansion of derivative trading has failed to provide any fireworks on expiry days, they have all passed without much fanfare. I have a feeling we will end the year with a bang, its 2020 after all.
Until then, Bitcoin looks set to settle into a trading range. Today we have seen the key resistance levels protected, as the market struggles to turn and head back to the all-time highs.
Let us not forget, Bitcoin has had a stellar Q4, and although December has so far proved frustrating for those wishing to see the rally continue, the pull-back has been shallow, and it’s the sign of a healthy market.
Bitcoin failed to break up through our $18,640 resistance level in early trade and has since returned to test support.
Bitcoin is being bought on dips, but upward momentum is proving difficult for the bulls to sustain. Should they fail to hold $18,265, then we see the increased possibility of further tests to the downside. $17,890 will be revisited, before a deeper move to $17,120 can play out.
On the upside, if the bulls protect the market above $18,000, we see a return to test resistance at $18,640. Above here, $19,050 and $19,445 are the ultimate targets for today’s trading session.
Read this story and more in the EQUOS Archives: https://learn.equos.io/news/daily-btc-analysis-22