Against all odds, bitcoin surged mid-day in a 10% move that caught many in the market off guard.
Immediately the premium exploded on OKCoin and BitMEX as the sentiment got extremely bearish. However, it ran out of steam and when you zoom out into larger timeframe you get an appreciation for the resistance it is up against (12-hour candles):
After a really nice fat green 12-hour candle to break the two-week lull in the market, we have a fat wick up right into that upper $300s zone that poses serious resistance to any future move upward.
For now we finally have some action back in the market, and with settlement tomorrow and the weekend around the corner, we could see how volatility begets more volatility. Stay tuned, traders.
