With Bitcoin (BTCV21) passing the 67,000 level possibly from investor demand and the new ETF based on futures opening up from Pro Shares on Tuesday October 19th, Bitcoin could make an eventual move to $75,000 and higher in my opinion. Description on the new ETF as I see it regarding some benefits of exposure.
There is also a lot of talk and noise of a rally that pushes Bitcoin to $100,000 by Bitcoin analysts as a target by year end. Be careful of the noise. MICRO Bitcoin futures (MBTV21) with volume of over 37,000 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. I think given the chart provided that if the market makes new highs, I look a potential test for this market to hit the upper trendline in the Micro Bitcoin futures in the 69,500 area. Major support is at 54665 in my opinion. (See Chart). A close under and the 40,000 level could be re-tested in my view.
- A bitcoin futures ETF follows the price of the digital currency, allowing investors to buy into the ETF without trading bitcoin itself.
- Investing in a bitcoin ETF cuts out issues with storage and security procedures required for crypto investors.
Weekly Pivots MBTV21 (10/25/10/29)
Resistance#2- 70,503
Resistance #1- 65,791
Pivot- 62,953
Support#1- 58241
Support#2- 55,403
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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