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Bitcoin futures trading volume in its first week was only a fraction of cash Bitcoin transactions. Futures volume has been abysmal at $60 mln per day, compared to the cash transactions of $8.5 bln each day.
However, come Sunday, the CME will start Bitcoin futures trading. Additionally, large brokerage houses are likely to follow suit and allow their clients to trade in Bitcoin futures. If this happens, we are likely to see the futures volume pick up.
Will the participation of more traditional investors boost the market capitalization of Bitcoin and the cryptocurrency universe? Max Keiser who hosts the Keiser Report on RT certainly thinks so. He believes that futures trading will help the cryptocurrency market capitalization reach $1 tln and higher.
Notwithstanding, these are predictions for the long-term. Let’s look at the charts to find out the likely movement of cryptocurrencies in the short-term.
Bitcoin broke out to new lifetime highs yesterday after a three-day consolidation. This is a bullish development.
Ethereum fell to a low of $610.03 yesterday, close to our expectation of a fall to the 50 percent Fibonacci retracement level.
We are in the money on our trade-in Bitcoin Cash. So, does the chart pattern suggest further upside or has the rally run its course?
As expected, the bulls purchased the dips to $243.86 levels, which is the 38.2 percent Fibonacci retracement of the rally. However, we believe that the levels between $300 and $342.237 will continue to act as a stiff resistance.
Though Dash has not run away to its target of $1,199.01, it’s sustaining above $815 levels, which is a positive indication. Bears attempted to push the cryptocurrency back below $815 levels on Dec. 15, however, they were unsuccessful.