Micro Bitcoin futures (MBTX21) closed last week at 61380 and traded a weekly range trading between 59,680 to 64,665. Micro futures could still potentially make an eventual move to $75,000 or higher in my opinion.
There is interesting talk in the sector of the US senate asking the SEC to allow ETFs base on spot Bitcoin(BTC) coupled with ETFs on futures. In my view this together can bolster Bitcoin going forward. With talk and noise of a rally that pushes Bitcoin to a target of $100,000 by some Bitcoin analysts. For example, JPMorgan in their latest call, projected Bitcoin to hit $146000 by year end. Use caution on levels when you enter the market.
MICRO Bitcoin futures (MBTX21) had a volume of over 16,000 futures on Friday 11/5. These micro contracts allows for good leverage in the market in my opinion. The micro contracts minimum tick value is ($5 per tick), with a $2500 maintenance margin. That margin and can change without warning by the CME, and is a continuous monthly rolling contract.
With the chart provided and if the market makes new highs, I look at a potential test for this market to hit the upper trendline in the Micro Bitcoin futures in the 68000-69,000 area. Major support is at 57500 in my opinion. (See Chart).
Weekly Pivots MBTX21 (11/8/21-11/12/21)
Resistance #2 – 66893
Resistance #1 – 64136
Pivot – 61908
Support #1 – 59151
Support#2- 56923
Trade Ideas
Futures-N/A
Options-N/A
Risk/Reward
Futures-N/A
Options-N/A
Peter Ori
peterori@walshtrading.com
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