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Bitcoin price (at Coinbase) has surged more than 28% from the last 3-4 days with the mounting volumes in BTC derivatives contracts as well. The price is shooted up towards $10k, currently, trading at $9,640 level. Thereby, bulls have convingly countered the 3-4 months bearish streaks.
Technically, a bullish engulfing pattern has occurred at $8,668 levels (refer 2nd chart for daily plotting), consequently, the bullish rout has begun ever since this bullish pattern.
Simultaneously, we has witnessed in the growing crypto derivatives trading interests also. Please be noted that the rising volumes in CME BTC Volumes Chart (refer 3rd exhibit), while the high level of volatility in digital assets could be risky, also be noted that the higher risk enhances the higher returns as well.
The CME BTC Futures (BTCX2019) has created a gap up pattern which is expected to be filled-in. Both momentum oscillators (RSI & Stochastic curves) are also indicating the overbought pressures (refer 1st chart for 2H chart). As a result, the sharp shooting star pattern has occurred at $9,630 levels that hampered the previous buying interests for now.
Hence, it would be wise to wait for potential price dips that could offer the better entry levels to add fresh longs.
We posted in our recent posts also that The crypto derivatives market is poised for the exponential growth and accordingly, advocated the directional hedging strategy that comprised of CME BTC Futures of October shorts and December longs.
