This chart shows the relationship between the futures price over at the casino and the cash or spot price. I learned from an old gnarly crude trader guy named Brian Beamish that this study could be very useful in getting some sentiment information from the market. In a normal and healthy market futures prices will have a premium to the spot price, which is called...
new resistance level - 0.236 Fib the
Now, I can find more than three resistance level:
1/ 0.236 Fib of 10817.05-6408.37
2/ 0.618 Fib of whole 2019
3/ 0.618 Fib of (i, n)
4/ Downtrend line of (i, c)
5/ resistance area
As multiple traders pointed out already. BTC is consolidating in a similar manner as it did back to early June. And consolidating in the higher timeframe.
I would expect a breakthrough to 8400-8500 region followed by the last noticeable pull-back to retest the Apex we have been consolidating the entire week. And, boom. ready for the bull run towards 10000.
Since its opening, OKEx futures have recorded >7% premium only twice.
These include once in the great bubble of early 2018 when BTC reached USD20,000 and mid 2019 when it skyrocketed from $4,000 to $14,000.
In each case, premium was 15% and 7.5% respectively.
With BTC's volatility expected to rise in the coming days adding to a potential streak, such premiums...