Trading volumes might be up for bitcoin markets, but support wasn’t there in today’s trading session. Prices kept falling, with USD 9,500 levels also being breached in the process.

The Day’s Signals

  1. Selling pressure has been the day’s biggest feat in bitcoin markets with large selloffs making the decisive moves through the day.
  2. Bitcoin markets are now under a great layer of uncertainty with the revelation that no level of support above USD 8,500 proved reliable.
  3. BTC/USD experienced losses greater than 5% through the day, a development that comes to follow trading sessions through which the price was already falling.

bitcoin gdax-btcusd-May-12-2018-5-36-5

GDAX BTC/USD charts are showcasing how the current state of the market came to be. With large sell orders being the driving force behind today’s downward spiral. Support didn’t seem to come up as the price was falling, even dipping below USD 9,400. The lack of support along with the strong selling pressure is something indicating a more dramatic shift in the market’s sentiment. While the outlook for markets wasn’t very positive to begin with, today’s trading session manages to make matters worse.

bitcoin okcoin-btcusd-weekly-futures-May-12-2018-5-36-12

OKEX BTC/USD weekly futures charts are showcasing how dramatically the take futures traders had on markets was able to change. Futures rates went from maintaining a positive difference between live market prices to going below live rates at times. Today’s trading session managed to cement the sentiment doubting positive movements as no downward pressure appeared to be receiving a notable positive response.

All in all, traders might be looking for prices substantially lower than even the current bottom reached under such a market sentiment. A day of prices falling without any chances of consideration signals a remarkably negative outlook. This is undoubtedly something that changed for the worst through the last few days. At the moment, the best traders could wish for is a halt to the downtrend and ideally some support being established.

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