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Bitcoin price (BTCUSD) is has been extending rallies above $7.5k levels. Bulls, in the minor trend of BTCUSD, counter with engulfing pattern at $7,285.53 and 7334 levels (refer 1st chart for daily plotting), these bullish engulfing patterns have taken-off rallies above 7 & 21-SMAs, the upswings reclaimed $7.5k levels. Both leading & lagging oscillators are in line with the current uptrend.
RSI & Stochastic curves show upward convergence to the prevailing rallies to indicate the intensified buying momentum.
We could see the stiff resistance zone at around $7,700 – 7,764 levels, if bulls manage to breakout these levels decisively, then we could foresee more upside traction easily upto $8.5k levels.
The intermediate trend has been little indecisive as shooting star plummets prices below EMAs & retraces more than 78.6% Fibonacci levels, but hammer & dragonfly doji attempt to counter the price slumps as both the leading oscillators show oversold pressure and faded strength in bearish trend (refer 2nd chart for weekly plotting).
The Bitcoin contracts for December deliveries have been settled and we shifted our focus towards January tenors and March 2020 BTC Future contracts amid such mild bullish atmosphere.
Hence, advocated longs in CME BTC Futures of January deliveries in our previous write-up on both hedging and trading grounds (spot reference: $7,305). For trading, maintain a strict stop losses at 7,085 and 6,603 for the targets up to $8,500 levels.
Please be noted that the premium rates on CME for March 2020 contracts recorded a dip of 1.61%. For the trading purpose, avoid contracts with lower volumes and lower open interest.
Please also be noted that usually, the volume and open interests would be small at the early stages of futures contract life and expands as it reaches the maturity period and again drop during close to expiration stage.
