The current price of Bitcoin is $4023, with 24 hour volume leveling around 5.1 billion USD. Bitcoin has lost 7% in the past 24 hours as price begins to head back towards range lows at $3500-3600.
So far the bounce from $3500 hasn’t inspired much confidence with our team. Volume has been unconvincing and price was rejected promptly from resistance at $4400.
Now $BTC is resting on crucial support in the upper $3700’s, if we do not see a higher low formed here in accordance with range lows, backed by significant volume, then we will assume that $3k will be the next major level reached.
We are scaling bids from $3200 through $2800 as we believe there is a high likelihood of support being found in this price range. We are not sure if this price region will establish itself as the low for this bear market, but we do have confidence in a potential swing play. We will keep you updated on our strategy and thoughts as price action develops.
On a more positive note, Nasdaq has confirmed that Bitcoin futures will be listed and begin trading in the first half of 2019. Nasdaq has been given the green light from the CFTC.
This is confirmation of the story we reported on last week. Nasdaq exchange has a daily volume of $144 billion USD. Having Bitcoin futures available on Nasdaq will put a massive amount of new eyes on the space. Financial analysts, investors, and funds will have crypto placed into their view on an everyday basis.
Volume on Nasdaq outsizes the crypto total market cap as it stands currently. We believe a combination of the eyes on from users of NYSE and Nasdaq should provide an excellent influx of capital into the crypto market.