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FxWirePro: Glimpse at BTCH19 CME futures and some underlying news after BTC/USD slides below $4k again

After BTCUSD has shown failure swings at stiff resistance of $4,168 levels, the pair has slid below 21-DMA again (and thereby, $4k mark). But, the bulls and bears continue to wage an extended war between the tight range of $3,970 - $4000 psychological price levels, the majority of the crypto market experienced middling performance with a few select altcoin markets surging strongly. The pair has formed doji, bearish engulfing & hanging man at $4,073, $4,044 and $4,127.28 levels respectively.

While the crypto benchmark BTC tanked by -1.73% in this week so far, while the overall crypto market cap fell by -0.5%.

If we contemplate Bitcoin transactions as a proportionate of fiat transactions given this basically presumes any scaling issues or electricity issues are solved and governments let it happen, there are two factors that strike our mind that could be considerably significant:

Bitcoin market cap as a % of global Gold value and Bitcoin has undoubtedly shown a competency to store of value, hence, that is deemed as an interesting analogy.

This Wednesday the latest round of BTCH19 CME futures (contract started on 1st October 2018) ends. The nature of futures contracts means they need to be settled on a set, predefined date, based on a contract. If Bitcoin price markets begin moving following an extended period of low volatility, any squeezing of CME longs or shorts around the expiry date may exaggerate price jumps. On hedging grounds, we advocate staying short in BTC CME futures of June month deliveries. Courtesy: BNC

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -138 levels (which is highly bearish), USD is at -62 (bearish), while articulating (at 11:25 GMT). 

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex

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2019-06-25 03:13:10
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