Micro Bitcoin futures (BTCX21) closed last week at 64,235 posting a small gain on the week. The week featured Micro futures hitting another all-time high at 69,360 before pulling back to close almost 5K lower from the weekly high. In my view some profit taking entered into the market the last three sessions last week. Bitcoin futures can still potentially make an eventual move to $75,000 or higher in my opinion as developments in the use of Crypto-coins keep advancing.
Twitter’s Jack Dorsey has commented on using Bitcoin for use of payments and as a holding for investors as well. His commentary comes after last week’s comment by JPMorgan calling for $146000 by year end. Use caution on levels when you enter the market. The crypto market seems to be getting much of the headline’s week in and week out. We have major tech companies as well as major banks discussing and entering into the sector consistently in our view. MICRO Bitcoin futures (MBTX21) had a volume of over 28,000 futures contracts on Friday. The micro contract 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.
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Weekly Pivots MBTX21 (11/15-11/19)
Resistance#2- 72332
Resistance #1- 68283
Pivot- 65312
Support#1- 61263
Support#2- 58292
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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