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Cryptocurrency Derivatives Series: Bitcoin Cash Futures/Forwards Volumes Analysis Indicate Buzzing Crypto Bulls
Please be noted that striking attention concentrated on bitcoin cash (BCH’s) doubling in price (spiked from $166 to the recent peaks of $350 levels).
Technically, BCHUSD bullish candles, such as engulfing and hammer pattern candles at 128.240, 241.920 and 113.710 levels respectively.
The stern bullish engulfing candle at 241.920 has taken off rallies way beyond 7DMAs with intensified buying momentum and sentiments. Ever since then the price has doubled as stated above.
While approximately about $10 million worth of BCH futures has been swapped during the course of this bullish streaks.
Please also be noted that the net volumes are also in conformity to the upswings (refer to histograms and ogive charts signifying rising volumes).
Well, Crypto exchanges have observed about $50 million in BCH contracts. Since then, the renowned Huobi exchange included BCH future contracts with both long and short facilities using the Huobi Derivative Market (Huobi DM).
Mounting interest in BCH derivative products has considerably attracted their clients amid the underlying spot prices (‘BCHUSD’) vigorous prices. Huobi included BCH to the firm’s derivative radar so as to enable their clients for stimulating arbitrage and hedging functionalities.
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 51 levels (which is bullish), hourly USD spot index was at -34 (mildly bearish) while articulating at (06:08 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex