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The strategy advised: At spot reference: $8,299, as we were expecting BTCUSD to slide further over a month or so, we reckoned it would be wise to sell BTCV2019 futures contracts at the spot level and simultaneously advocated buying of CME futures of December delivery at the same level.
Target for short-leg is $7,450 and target for long-leg is 11,250 level.
Stop loss for short-leg is above $9,100 and stop loss for long-leg is below $7,450 level.
BTCV2019 is on the track of its functionality – Gained about $332 as the underlying spot (BTCUSD) dips from the 8,299 to the current 7,967 levels.
Hence, the short leg is functioning as per the predictions for the short term outlook.
The pair (BTCUSD) has formed descending triangle pattern in its minor trend, it has now slid below EMAs (i.e. 8,253) with the faded strength after the breach below triangle support, while both the leading oscillators (RSI & stochastic curves) are still bearish bias. We too could still foresee more slumps on the cards in the near-terms, the above positions are to be upheld.
Please be noted that the short-leg requires initial margin per spread, while long position remains intact.