Bitcoin (BTC) Rallies From $3400

Bitcoin (BTC) has turned in a nice rally following an opening week GAP down in the January BTC futures contract. Leading altcoins are following suit, showing bullish participation over the past 36 hours. In what has been a miserable 12 months for crypto bulls, perhaps $3500 is setting up to be an intermediate-term bottom for the industry leader.

24-Hour Performance Metrics

Ahead of today’s U.K. Parliamentary Brexit vote, many of the financial markets are quiet. Cryptocurrencies have shown relative stability over the past 24 hours:

Coin                                         Gain or Loss %            Key Number

Bitcoin (BTC)                                     Flat                            $3500

Bitcoin Cash (BCH)                         +1.5%                           $125

Litecoin (LTC)                                  -1.0%                             $25

Ethereum (ETH)                              +1.0%                          $125

In addition, Ripple XRP has posted a moderate loss of about 1% and is trading just north of .3350. With all of the major coins hovering around even, it appears that crypto traders are evaluating the impact of Brexit as are currency and equities players.

January Bitcoin (BTC) Futures

It was an extremely bearish kickoff to the week for January BTC futures, with prices opening GAP down. Since that point, we have seen a significant rally above the GAP area.

Overview: The technical outlook for Bitcoin remains bearish, but it has improved dramatically since Sunday’s electronic open. Bargain hunters stepped in at $3400 and drove this market north of $3600. If nothing else, this move shows that there is interest out there in BTC.

Until proven otherwise, the downtrend in BTC is best respected. Last week’s rapid sell-off from $4000 illustrates the relative weakness in this market. Until we see a sustained rally above $4000, the strength of the last 36 hours is questionable.

ABOUT THE AUTHOR See More

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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