Last year, the journey from $735.3 to a whopping $19,891. (at BITFINEX exchange), or 2,605% surge was commendable. However, on the contrary, the Bitcoin bears have held steady from the last couple of months’ trading sessions.

Although the bulls have bounced back today from the lows of $5,755 levels after dragonfly doji pattern at $6,148 levels, the bullish momentum is not convincing. As a result, the trend goes in a narrow range for the day.

It is now stuck in the range between $6,259 and $5,755 levels from last two three days but more bearish potential for the day is foreseen.

It has tested the strong support at 78.6% fibonacci levels from the peaks of last december’2017 (i.e. 5701 levels).

As you could observe, both momentum and trend indicators are in bearish favor.

May and early June months were eventful months for bitcoin bears, with bears who are eagers to short and gain despite the falling market being able to access bitcoin directly through futures made available through CME and CBOE.

However, newly invented blockchain as the technology has attracted investor interest in funds and cryptocurrencies have surged in recent months as these innovations continue to move towards the mainstream and generate compelling opportunities for investors, portfolio managers, traders and other market participants.

The HFs note to investors points out that in 2017, cryptocurrency markets and trading platforms have come up with better liquidity and stability, as additional products have been added in an attempt to tame the volatility of Bitcoin.

Volatility is the heart and soul of option trading. With the proper understanding of volatility and how it affects your options you can profit in any market condition. The markets and individual asset class are always adjusting from periods of low volatility to high volatility, so we need to understand how to time our option strategies.

On hedging grounds, one cann initiate shorts in 1m CME futures with a view to arresting furrther potential dips.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -135 levels (bearish), while hourly USD spot index was at -147 (bearish) while articulating at 08:07 GMT. For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex.

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http://www.fxwirepro.com/invest