Analysis of news:mailbox_with_mail:
The cryptocurrency market demonstrates growth against the background of record low volatility of bitcoin futures
The number of short positions on Bitcoin on the Bitfinex exchange reached a two-month minimum, having decreased by 33% in just eight days. The number of long positions increased by 10%, reports CoinDesk.
At the same time, in October, the average weekly volatility of bitcoin futures, according to MarketWatch, reached a historic low of 6.6%. Specialist at the Chicago Option Exchange (CBOE), Kevin Devitt, stressed that previously this figure was about 15.65%.
Add that at the end of October, the average daily volatility of Bitcoin fell to the levels of March 2017 and amounted to only 0.86%.
Meanwhile, the cryptocurrency market is showing moderate growth. Thus, over the past two days, total capitalization has increased from $ 210 billion to $ 220 billion, and daily trading volume - $ 14.2 billion to $ 16.3 billion.
Volume Analysis
Volumes grow on most timeframes.
:chart_with_upwards_trend:Analysis of support / resistance levels:chart_with_downwards_trend:
Timeframe: 2H
Support is at the level of $ 6300 - when the next level of $ 6200 is broken through. The resistance line remains at $ 6660.
Divergence and Convergence
Timeframe: 15M - not detected
Timeframe: 30M - not detected
Timeframe: 2H - not detected
Timeframe: 6H - not detected
Timeframe: 1D - not detected
индикAnalysis of indicators:information_source:
Timeframe: 2H
The chart moves in the upper channel of Bollinger below the upper line, the channel itself begins to expand and this indicates that the market is unstable. The RSI is at 66% and demonstrates customer excellence.
Action Plan:
Given the performance of all indicators, we expect a continuation of a smooth, lateral movement, with new attempts by bulls to raise the price to the top. At the moment, we are seeing a rollback for correction, on 4F timeframes, nrafik has consolidated above the red Ichimoku cloud, which is a good sign for future growth.