ridethepig
Long

ridethepig | BTC Market Commentary 2019.11.28

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
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" !!
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What do you think of the $5900 area, one more down to kill the gamblers?

+1 Reply
Thanks for sharing your chart @Ilheus ... Another shake of the tree might do more damage than good at this point, your 5800 is currently locked below the steel 6200 support ..a daily close underneath would immediately expose open your scenario with 4500 then being the next extension level in play to the downside.
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Ilheus ridethepig
@ridethepig, Thanks for the imput. Stopped me out yesterday. Choppy I reckon people are getting killed on margin. Am gonna wait for a proper break up before that myself. And thanksgiving, everything seems to be on holidays this weekend. Thanks. Like your stuff as always.
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No worries @Ilheus ...You are right to mention there is plenty of room to still catch the move on a breakout. Tracking $7,800 closely this weekend.
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Ilheus ridethepig
@ridethepig, Just looking there now, stopped only on coinbase. It is in € but I put the stop around the same area as $. That site. Time to move to Kraken I think, high fees stop runs. Robbing us lil people.
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Nice work, stellar commentary. I'm a new follower, thanks!
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ridethepig Tiger_Style
Thanks for the kind words @Tiger_Style
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nice chart. bakkt has no current influence on the market.
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ridethepig oaksacorn
Thanks @oaksacorn, we are starting a new chapter with options in Dec.
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