Bitcoin Futures

Peter OriGeneral Commentary

The current correction in Bitcoin futures, (BTCV21) appears to have stabilized from the recent high of 52,600 and the low in BTC holding just above 40,000. The market is currently trading at 41,700 as of this post. In my opinion the potential of BTC range trading between 40000 to 49000 in the near term can be sustained in my opinion.

A break of 40000 however could potentially test 37000 and the potential of more governments accepting BTC could potentially retest the highs at 52000 again in my opinion. Recently For example, El Salvadore bought 150 more BTC September 20th and has around 550 BTC holdings. With El Salvador, Panama, Mexico, Ukraine, and Germany considering BTC as a tool for payments /remittance, if there is a BTC grab by those countries, I think there is potential to expect BTCV21 to retest the highs later in the 4th quarter.

Weekly Pivots BTCV21, (9/27-10/1)

2nd Resistance- 46,500
Pivot 43,100
1st Support 42,650
2nd Support 41,700

Trade Ideas
Futures-N/A

Risk/Reward
Futures-N/A

Peter Ori
peterori@walshtrading.com

Walsh Trading, Inc. is registered as a Guaranteed Introducing Broker with the Commodity Futures Trading Commission and an NFA Member. Futures and options trading involves substantial risk and is not suitable for all investors. Therefore, individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. The information contained on this site is the opinion of the writer or was obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in market prices.PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. All information, communications, publications, and reports, including this specific material, used and distributed by Walsh Trading, Inc. (“WTI”) shall be construed as a solicitation for entering into a derivatives transaction. WTI does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71.

DISCLAIMER: Cryptocurrencies are a high risk investment and may not be suitable for all members of the public and all types of investors. Before investing in or depositing cryptocurrency, you must ensure that the nature, complexity and risks inherent in cryptocurrency are suitable for your objectives in light of your circumstances and financial position. You should not purchase or hold cryptocurrency unless you understand the extent of your exposure to potential loss.

YOU SHOULD BE AWARE THAT NFA DOES NOT HAVE REGULATORY OVERSIGHT AUTHORITY OVER UNDERLYING OR SPOT VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL CURRENCY EXCHANGES, CUSTODIANS OR MARKETS.

More information can be found at: NFA Investor Advisory—Futures on Virtual Currencies Including Bitcoin CFTC Customer Advisory: Understand the Risks of Virtual Currency Trading