Bitcoin (BTCZ21) trading $58300 as of this writing, volume of 17000 and range trading between $53600 TO $59400. Pressure in Bitcoin had come from a new corona virus threat, this short lived move and holding support levels Bitcoin has turned and heading higher from current levels in my opinion. Interesting talk in the sector from Grayscale with claims of the Metaverse and Altcoins for gaming use will top one trillion dollars on inflows spread across the spectrum of Crypto currencies not just Ethereum and Bitcoin.
Analyst expectations have not changed minus issuing caution on volatility and sharp moves lower, interesting talk in the sector has not changed in support of the Cryptocurrency space. Again last week saw El Salvador buying 100 more Bitcoin while setting Bitcoin for payments.
Reminder please use caution on levels when you enter the market. Expect more of this type of movement and corrections as global issues come forward in my opinion.
MICRO Bitcoin futures (MBTZ21) $58300 as of this writing and volume of over 17,000 futures 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.
Weekly Pivots MBTV21 (11/29-12/03)
Resistance #2- 73000
Resistance #1- 61000
Pivot- 55000
Support #1- 50500
Support #2- 47000
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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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.
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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