Bitcoin price analysis: Consolidates gains above $6,300 as trading guru Don Wilson talks about Asia's demand for BTC futures

  • "If you look at the bitcoin futures data from CME and CBOE, volume in Asia hours are almost the same with the U.S.,” Don Wilson.
  • Ripple leads the market brief breather as investors gladly accept product launch bait.
  • Bitcoin has formed a support at $6,300 while a break from the triangle resistance will test $6,400.

The bullish spike yesterday was led by Ripple (XRP) which surged more than 20% following the news that the network is launching its xRapid payment solution in a month time. Bitcoin recovered nicely from the primary support at $6,200 and broke above $6,300. Moreover, the uptrend headed for $6,400 traded slightly above $6,380 before retreating. The 38.2% Fib retracement level from the last upward movement of $6,452.18 and downward movement of $6,206.56 held its ground preventing any declines below $6,300.

CoinDesk reported that the founder of high-performance DRW trading platform, Don Wilson reckoned that the Asian region has a high appetite for Bitcoin derivatives. In fact, he said that the demand equals that of the United States. He added that this situation is a significant anomaly especially well it is compared with the other available financial instruments. Wilson shared these thoughts with Quartz's John Detrixhe during a discussion at the CoinDesk Consensus Singapore 2018 conference.

"If you look at the bitcoin futures data from CME and CBOE, volume in Asia hours are almost the same with the U.S. ... Whereas in like foreign exchange, even for the Japanese yen-dollar trading, volume in Asia is significantly lower," Wilson told the audience.

Meanwhile, Bitcoin is trading in a contracting triangle pending an upside breakout. Besides, a break above this pattern will attack the immediate resistance at $6,360. At the same time, the buyers have their eyes locked on $6,380 and recoil towards $6,400 is in the pipeline. The slow stochastic oscillator is ranging slightly below the oversold while the MACD is deep inside the positive region. Bitcoin is trading above the moving averages on the 15-minutes chart and the trend is still strongly bullish.

BTC/USD 15’ chart

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