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

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 price prediction Bitcoin, Ripple, Ethereum: Altcoins niche improves with XRP pushing against barriers

The market expects the resolution to this bottleneck convinced that without Bitcoin's participation it will be difficult to consolidate gains in the Altcoin niche. But recent history does not support this theory.

More Bitcoin News

Ripple bulls woke up and pushed XRP/USD towards $0.27 in a matter of minutes

Ripple’s XRP has jumped from $0.2600 to $0.2680 in a matter of minutes. By the time of writing, XRP/USD has retreated to $0.2670, though the upside momentum remains strong.

More Ripple News

Litecoin price analysis: LTC/USD moves within a short-term upside channel

Litecoin has retraced from Monday’s high of $73.86 to trade at $72.50 by the time of writing. The fifth-largest coin with the current market value of $4.58 billion has been range-bound with bullish bias on Tuesday.

More Litecoin News

Ethereum (ETH) price analysis: ETH/USD bulls knock at $200.00

The second-largest cryptocurrency with the current market capitalization of $21.4 billion stopped within a whisker of critical $200.00 during early Asian hours. 

More Ethereum News


Bitcoin Weekly Forecast: Rangebound trading and September blues come upon the crypto market

Bitcoin finishes the week with marginal losses. The first digital currency recovered from the recent low of $9,886 but stayed in the red zone as of the end of the week.

Read the weekly forecast