Donghyeon  Lee

A week of sidewalk expected for Bitcoin

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
I saw many technical analysis on bitcoin price in tradingview, however, bitcoin market now is totally dominated by some whales from China; speculating their mind would be more productive to short-term trading strategy.

Recently Chinese stock market halted to move up, and Shanghai index is now in range of 4200~4500. Also, industrial or financial news do not give Chinese investor a confidence on further bullish movement. In this circumstance, even whales cannot have confidence on price movement, and they may pause to manipulate market.

I think that lower number of future contract on OKCoin indirectly prove this; average number of opened contract on Monday afternoon - of course in East Asia - usually spanned from 500k to 530k, but just have reached 450k today. If this trend is not changed until tomorrow, this sidewalk will last for a week at least. My sidewalk range is 1455 ~ 1475, and breaching this range for more than a day will be a sign of new movement.

So, now, what we have to do is doing our original or main job and wait for movement.
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