Markets are often defined by big-round-numbers and $3500 is driving the action in Bitcoin (BTC). For the past several sessions, this level has dictated trade, setting up as a short-term bottom in both the BTC cash and futures markets. For the time being, it is the 5000-pound elephant in the room.
January Bitcoin Futures: Technical Outlook
Activity across the cryptocurrency asset class has been limited for most of the week. A quick look at the 240-minute chart for January Bitcoin futures gives us a clear idea of just how compressed the trading ranges have become.
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For the last 72 hours, January BTC has rotated between $3700 and $3490. This market is in heavy rotation, similar to gold and WTI crude oil. For the rest of the session, here are the key numbers to watch:
- Resistance(1): 240-Minute SMA, 3596
- Resistance(2): Bollinger MP, 3606
Overview: The immediate outlook for BTC is simple ― trade is slow and compressed between $3700-$3500. Until price breaks from this range, buying or selling daily highs and lows is not a bad way to proceed.
On the news front, there aren’t a whole lot of items helping out BTC and cryptos. In fact, meaningful headlines from the cryptosphere are few and far between. At least for the time being, the entire asset class appears to be in a holding pattern.
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