Bitcoin price corrected downwards overnight and then pushed higher on the OKCoin futures settlement. Deep retracements still plague nervous speculators but trend remains up.
Bitcoin Price Analysis
Time of analysis: 12h00 UTC Friday
OKCoin 3Month Futures 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
Looking at most exchanges, today, we see a surge higher followed by a drop to near the level from where the surge began. The largest futures contract is the exception.
After an initial delay in opening, the OKCoin 3month contract surged more than $20 to the upside, and reflects the expectation of traders until the end of the year. The OKCoin 3month contract now has an average premium of about $10 over the rest of the market. This does not mean that the premium will last but it does imply an intermediate uptrend.
With the large timeframes (1day, 3day and 1week) remaining bullish and becoming more