Cheng Zhipeng: bitcoin Jedi rebound up over 13%?

Source: financial website

2018 year 12 month 18 day, bitcoin LED digital asset market staged a jedi.

From the beginning of December 17, 2018 Beijing time half past seven last night, bitcoin began to burst, the lowest from the highest 3340 topped $3600, then in the fall after the beginning of the formation of concussion, and in December 18th 2 in the morning once again pulled up, the maximum rose to 3744. The largest increase in 13% days, hit 11 month last week as its best performance.

Bitcoin soared in the spot market, the futures market rose driven together.

CME bitcoin BTC January futures contract closed up $385, or about 12.24%, to $3530 in December 14th to $3145 a month contract closed at the lowest. CBOE bitcoin XBT January futures contract closed up $350, up about 11.11%, to $3500 in December 14th to $3150 a month contract closed at the lowest.

Forbes said bitcoin market capitalization ranked two or three of the leading Gerbaud and etheric Fang led for the entire digital currency market day increased by $13 billion, to $115 billion, could herald a “Christmas rally” has come to coin ring.

Bitcoin rose also led the mainstream digital assets in the past 24 hours rose.

The total market value of assets rose 10 billion encryption to $114 billion 200 million, 24 hours of trading volume yesterday at the same time shot up nearly $6 billion to $16 billion 500 million..

Why digital asset prices?

About the cause of the rise of digital assets, netizens ridicule bitcoin this round rose commemorates the bitcoin historical height of 1st anniversary. In December 17, 2017, the history of bitcoin rose to more than $19000 highs. When the market is still very touching epic memorable. In December 2017, to meet the needs of institutional investors bitcoin futures also came into being, on behalf of the digital asset officially entered the mainstream financial circle vision.

But the market view interpretation, officially because bitcoin futures have led digital assets in 2018 short intensified, increasing the current bear market kongfangliliang.

Is the official reason that affect bitcoin futures on the market can not be ignored.

According to CFTC’s bitcoin futures positions weekly show that as of December 11th week, speculators hold CBOE bitcoin futures net short positions to reduce the 63 contracts to 913 contracts, a record in December 2017 since the creation of the on-line trading week minimum (i.e. the lowest), as prices rose momentum foreshadowed.

After the hot market attention big money events seem to indicate Tun, signs of bitcoin will rebound.

In December 6th, Jiang Thatcher in micro-blog said there is a mysterious big address (Jiang drow called Virgo address) began a large number of Tun coins, currently holds a total of 109 address: BTC (1 full) *8000=84.78 million (total 4.87%); 26 BCH address (1 under) *3 million =76.16 million (4.40% of the total 55); ETH address *15 million =825 million (7.96% of total); 44 LTC address *30 million =1320 million (22.2% of total). The long-term funds started ahead of the approach to ambush suspected money tun. However, Indian currency pool Zhu weight hold different views, he said, “the number of exchanges can not have, is more likely to have? This logic is wrong.” “Apparently exchange or offchain wallet, program to do ah.”

The mysterious large Tun coin identity and motivation, became the focus of attention of market speculation. But also with a view, no matter who is big identity, the Tun motivation is the most important currency.

According to the British express earlier in December 3rd reported that the official has confirmed that in 2019 on the launch of bitcoin futures for half a year, is waiting for the U.S. Commodity Futures Trading Commission (CFTC) approved.

Last December, digital assets still in a bull market when the Chicago futures exchange launched bitcoin, thereby increasing the air force. Why was involved in futures institutions dominated by short, because of the sharp rise in 2017 bitcoin, provide a large enough space to profit. Now if you want to launch the NASDAQ bitcoin futures, added a new game force in the market, and in the market after a year of market baptism, bitcoin multi profit margins began to increase. Therefore, do not rule out some big market that Nasdaq futures on-line bitcoin will boost the role, so do Tun currency action.

For this reason if established, although the change of bitcoin in the recent market may be repeated, but in the future if the futures trading NASDAQ launched smoothly, the digital asset market is expected to help boost.

Technical performance:

We from bitcoin graphics, after the BCH bifurcation hard Eve, bitcoin prices fell sharply below the 5800 bit key, also put a box of channel lasted nearly three months to build the break down, so bitcoin continued to fall is normal, because the box body three months down Po Wei, from a technical analysis of the habit of speaking, there is much space on the box, down how much. Of course, this approach is only applicable to bitcoin, so the market depth is relatively enough standard, investors can not be applied mechanically, all digital assets are interpreted in this way.

Today, bitcoin rebound of a single line, broken down the channel of local, previously buried in the vicinity of 3200 more than a single if force, do not rule out this wave of multi market will continue to rise, to see more than 4000.

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