This Week’s Hot Trade: Why We’re Watching Bitcoin

This is Charting Futures This Week. Gold tumbled Monday, after U.S. President
Donald Trump and Chinese President Xi Jinping reached a
trade war truce. Gold slumping back below $1,400 an ounce. We’re also watching crude oil and Bitcoin. The cryptocurrency crashed on Monday undoing some of this year’s rallies. Despite that, it’s still up about 200% since
the start of the year. We continue with a technical analysis on
Bitcoin. Mike McGlone with Bloomberg Intelligence
focusing on Bitcoin. The ease with which bitcoin, in orange,
broke above the bear market’s most traded price, $6,500, indicates full
recovery. Futures open interest, in white, reaching
new highs reflects increasing institutional exposure. This puts the next big resistance near
$20,000. Sustaining below $6,500 is a good definition
of risk as it would indicate failure. Holding should prevail in volatile Bitcoin.

4 thoughts on “This Week’s Hot Trade: Why We’re Watching Bitcoin

  1. Even though Bitcoin has been experiencing frequent fluctuations, we believe that Bitcoin will soar up as per the predictions stated above. There are several reasons which led to Bitcoin’s price fall like Bitcoins being used for illicit purposes and so many past mishaps like hacking and thefts. Pros outperformed the cons, hence Bitcoin is still the market leader, bagging the number one position and maintaining its position. Bitcoin might reach the $23,500 mark supposedly by the end of 2019 as the year holds good prospect and development for BTC like NASDAQ launching BTC future, that too in the very beginning of 2019.everybody should buy more and join the gain, for me i advice you multiply the little you have with Walter’s strategy, i was able to make 7bt with 1.5bt in 3 weeks with the same strategy, You can reach him on [email protected] com

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