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Technical analysis of BTC/USD for Nov 14, 2019
Crypto Industry News:
CME Group has announced that it will launch options on its futures contracts based on Bitcoins in January next year.
The announcement on the website, which CME published on Tuesday, stated that as soon as the green light from regulators appears in a timely manner, these options will be available to customers from January 13, 2020.
At the end of October, the company published details about the options. On this occasion, CME stated that each contract will be based on one bitcoin futures contract consisting of five bitcoins. Their prices will be given in US dollars.
In a new announcement, Tim McCourt, head of global stock index and alternative investment products, said:
“Since the introduction of our Bitcoin-based futures almost two years ago, customers have expressed growing interest in options as another way to hedge and trade in these markets. We’ve worked closely with clients and the industry to create a solid and increasingly liquid futures market at CME Group, and we now believe that Bitcoin options will now offer our clients greater precision and flexibility in managing their risk. ”
By presenting some data on the performance of their Bitcoin futures contracts, which have been registered so far, CME Group has stated that it has currently noticed an average transaction volume of over 6,500 contracts in 2019 in this market, which corresponds to about 32,500 Bitcoins. Currently, over 3,500 individual accounts for product trading are registered on the platform, and almost half of the turnover comes from outside the USA.
Technical Market Overview:
The momentum on the BTC/USD market is still negative and a new local low was made overnight at the level of $8,490. The next target for bears is seen at the level of $8,474 and $8,048. Please notice the 61% Fibonacci retracement level is very close now as it is located at the level of $8,396 and if this retracement is violated, then the market will likely test the key short-term technical support located at the level of $8,298.
Weekly Pivot Points:
WR3 – $10,032
WR2 – $9,933
WR1 – $9,413
Weekly Pivot – $9,012
WS1 – $8,510
WS2 – $8,085
WS3 – $7,592
Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.
The material has been provided by InstaForex Company – www.instaforex.com
