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November Bitcoin Futures Open GAP Down

To put it mildly, the past week has been a disaster for Bitcoin (BTC). Values have dropped more than 30%, prompting many to exit the market completely. Today has been no different ― extreme selling has furthered the daily downtrend in BTC.

From a technical standpoint, the picture looks bleak. Prices are pushing yearly lows and November Bitcoin futures have opened GAP down. As a general rule, gaps in pricing are eventually filled in. However, the current bearish sentiment in BTC is going to challenge this assertion.

November Bitcoin Futures Are Once Again In The Red

Over the weekend, the $4000 psyche level gave way on the cash markets. The next number coming into view for BTC is $3500. A hard test of this area appears to be a certainty for today’s session.

November Bitcoin Futures (BTC), Daily Chart
November Bitcoin Futures (BTC), Daily Chart

Here are the numbers to watch in this market for the remainder of the trading day:

  • Resistance(1): GAP, $4205-$3965
  • Support(1): Psyche Level, $3500

Overview: During the U.S. overnight, BTC hit $4000 several times on the cash markets. On each occasion, sellers stepped in and defended the level, preserving the daily downtrend. Until we see any sort of meaningful retracement, this market will continue to mow down one psychological level after another.

From a fundamental perspective, there is optimism in the marketplace. It appears that the consensus among industry insiders is that 2019 is going to be a big year for cryptocurrencies. The accuracy of those predictions remains to be seen and prices continue to fall. For now, BTC is floundering, attempting to find solid ground.

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Shain Vernier
US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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