6th December: Bitcoin, Bitcoin Cash & Ethernum daily report.
Wednesday, December 06, 2017
TIME: 11:45 am IST
DAILY CRYPTO CURRENCY REPORT
Bitcoin broke $12000 market and looks headed for $15000. There will be bumber trading volumes on the first day of trading on CBOT in BTC futures on 10th December. One should look for arbitrage between various crypto currencies and also arbitrage opportunities in BTC between various trading exchanges. Arbitrage in crypto currencies is relatively news and early arbitrageurs will get good profits.
Tokyo Financial Exchange Takes First Step Toward Bitcoin Futures: One of Japan’s leading financial exchanges is starting preparations to launch bitcoin derivatives, echoing U.S. rivals that plan to list contracts tracking the cryptocurrency as soon as this month.
There is only BTC hype. Looks for other crypto currencies to catch up with the rest of the pack. The Reserve Bank of India like all central banks has been warning of bitcoin/crypto currency trades as illegal and risk associated. Still BTC trades flourishes in India. Trading volumes are also growing in India. I do not see any fall in BTC trades in India.
Bitcoin (BTC/USDCMP $12340.00): Support: $12209.00. Resistance: $12633.80. Bitcoin can rise to $12973.90 and $13431.90 as long as it trades over $12049.90. Sellers will be there only below $12049.90.
Bitcoin Cash (BCH/USD CMP $1415.00): Support: $1368.30. Resistance: $1453.80. Key short term support is at $1368.30. BCH needs to trade over $1368.30 till Monday to rise to $1503.40 and $1621.10. Sell off will be there below $1368.30 to $1338.50 and $1241.90.
Ethernum (ETH/USDCMP $444.60): Support: $436.70. Resistance: 458.10. Ethernum needs to trade over $436.70 to rise to $466.70 and $492.30. There will be sell off below $436.70 to $423.80 and $412.20.
Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals, crypto currencies and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. Prepared by Chintan Karnani
Further disclaimer (read very carefully)
Trading of Bitcoins is illegal in my country India. The above report is not meant for resident Indians and Indian corporates. It is meant for traders or corporates in nations where bitcoin and other crypto currencies have got legal validity. Insignia Consultants and it employees are not responsible for illegal trading of crpto currencies and/or nations where crypto currencies do not have legal validity. Insignia Consultants does not advise on any investment strategy which is illegal nor does not it recommend people to trade in anything which is illegal to a nation. The above views are just technical views.
NOTES TO THE ABOVE REPORT
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
ALL PRICES ARE IN US DOLLARS UNLESS OTHERWISE SPECIFIED
Indian Standard Time (IST): +5:30 GMT
Current Market Price (CMP)