According to Wall Street Journal, JP Morgan Chase is considering launching its Chicago Mercantile Exchange (CME) futures platform on Bitcoins. This statement was issued last week and raised the Bitcoin price to a record high of over $ 8,300. According to the report: ” J. P. Morgan wonders whether through its futures brokerage unit will provide its customers with access to the new Bitcoin CME product.”
The irony of this statement is, of course, that Jamie Dimon was the most bitter critic of Bitcoin on Wall Street, calling him a scam and saying that anyone investing in him is stupid. Dimon also said he would release anyone who would buy Bitcoin. The highly negative tendencies of some Wall Street professionals were mostly caused by the positive views of others. But regardless of whether Dimon actually extends its services or not, Bitcoin-based futures are likely to become a reality at the beginning of December, meaning a significant acceleration of their adaptation.
Let’s now take a look at the Bitcoin technical picture at the H4 time frame. The price is still hovering around the recent high at the level of $8,365, but the upward momentum is clearly diminishing. If the dashed black trend line is violated, the price might quickly drop towards the nearest technical support at the level of $7.886. In a case of an extended correction, the next important technical support is seen at the level of $7,432. The overall uptrend is mature and correction might occur any time now.
The material has been provided by InstaForex Company – www.instaforex.com
Source:: Bitcoin analysis for 23/11/2017