Bitcoin markets are yet again going through a period of increased volatility. With a decent but not unheard of increase in trading volumes, a few bullish breakout patterns can now be observed. Notable events through the day’s trading session would be a couple of bearish breakouts and responding pullbacks, all contributing to the increase in volumes.
The day’s signals
- Volatility continues to rule for yet another day with large buy and sell orders seemingly being able to handle Bitcoin markets.
- A bullish market sentiment seems to be the winner through today’s trading session with BTC/USD prices now moving up after consolidations.
- Most of the day’s trading volume’s come from a few condensed trades. Support for the reached price levels remains questionable.
GDAX BTC/USD charts are indicative of the battleground Bitcoin markets were throughout the day. Traders went through a major bullish breakout, with prices being pushed from USD 8,100 levels down to a low of USD 7,800. After an extended consideration period, a bullish pullback got prices back above USD 8,100 levels. The market didn’t show resistance to the upward spike. However, that wasn’t until another selloff would occur. Prices briefly dipped below USD 8,000 again only to recover briefly after a couple of hours. Through the more recent hours, another spike caused prices to jump above USD 8,200 briefly.
OKEX BTC/USD weekly futures charts still showcase anguish from Bitcoin futures traders. The divide between futures prices and live market prices remains. Today’s volatility doesn’t seem to have improved the landscape for futures prices as the divide increased at times. Futures traders are of course pricing in the bullish pullbacks but appear to be all too skeptical. It appears as though volatility doesn’t impress futures markets anymore, even if it’s followed by a bullish sentiment.
All in all, many bullish signals made rounds through Bitcoin markets through the day. However, the outcome of such a trading session is quite uncertain without any support showcased. Today’s consideration periods were accompanied by low volumes, with only breakouts appearing to make decisive moves. All in all, it remains to be seen if the bullish market sentiment contrasting previous trading sessions will be sustained.