Bitcoin Price: $ 11,500 for ‘Bullish Reintegration’
In an update for subscribers to the Telegram trading channel on Friday, Trader Filbfilb said it stuck with BTC for a long time, despite the previous day’s volatility.
“On the weekly chart’s perspective, 11000 appears to be holding out support, but a close above the 11500 main support / resistance level would be the immediate objective of being relatively comfortable with the idea of an overall bullish build,” he concluded .
This concept has some lofty goals – the monthly pivot at around $ 12,925, as well as the 2019 monthly resistance where Bitcoin hit $ 13,870.
The signs were positive, however, as Filbfilb dismissed concerns about the Fed’s inflation rhetoric and other false signals of a decline in Bitcoin.
“I stayed too long yesterday for several important reasons,” he said.
“Negative futures premiums, no lower lows, sheer panic at [Crypto Twitter] calls for 9,000, uninterrupted general support, and because gold and silver price moves, with which we have been practically closely linked, have continued BTC’s forward reversal floods”.
The speech described itself as “not an event” which the markets seem to have already priced in.
Futures expiration and “maximum pain”
Looking to the near-term future, a settlement of futures on Friday might only trigger a period of volatility to challenge the overall uptrend.
Filbfilb added, “Today we closed August futures which could result in afternoon volatility so watch out for some afternoon action.”
In the past, the dates for settlement of futures contracts have put pressure on the Bitcoin markets, but on the contrary, the expiry of the latest options has not moved the market, despite the anticipated high volatility.
In a tweet, the Deribit derivative platform confirmed that 50,900 Bitcoin ($ 580 million) and 291,000 Ethers ($ 113.5 million) are due to expire as open interest on Friday. Between $ 11,000 and $ 11,500 is the “maximum pain” for options traders as this is the area where options have the least intrinsic value.
This flow is somewhat in contrast to what was recently observed, suggesting some neurotic comments about option activity.
Meanwhile, futures gaps are the focus of informal price bets between traders and shareholders this month. A “void” occurs when a futures trading session starts in a different location than where the previous one stopped. Bitcoin tends to “fill in” the resulting void.
As Cointelegraph reported, a smaller gap at $ 9,700 and a smaller gap at $ 16,000, although it has been around for several years, are likely to be of interest to traders.