CME Bitcoin Futures Price Protects Key Level with Monthly Closing Due Tomorrow

The expiry of Bitcoin [BTC] monthly futures contract on CME for December is due tomorrow. This will be the closing price of the futures contract for the year 2o19. Currently, the futures contracts for December and January are trading at $7230 and $7285, respectively.

In the past, the CME futures closing has added liquidity in the market leading to high volatility. Derivatives trader SalsaTekila tweeted,

Tomorrow is CME expiry
Bring that sweet sweet volatility tomorrow

Co-incidentally, during the Xi-Pump, the price pumped over 16% on the closing day which followed over the weekend.

Nevertheless, the volume has been drying up since the beginning of the holidays around 24th December. Hence, the expectation of a strong move might as well be let down.

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btcusd cme chartBTC/USD 1-Day Chart on CME (TradingView)

The support for the low of Bollinger bands at $6782, while resistance is around $7750 and $7880 from the upper region of BB band and 50-Period exponential moving average.

On the 4-hour chart, price protected the 50-period exponential moving average at $7221. The 100-period exponential moving average at $7302 acts as the resistance to the price levels.

The RSI is also neutrally poised between the oversold and over-bought region.

btcusd 4-hour chart BTC/USD 4-Hour Chart on CME (TradingView)

On higher time-frames (weekly), the bearish trend-line is still acting as resistance around $7600-$7400 in the near future. Moreover, the price is also trending below the 100-period EMA is around $7550 acting as the next resistance level.

According to price analysis, the overall bias is still bearish, While the MACD on the daily is positive, it is still negative on the weekly scale.

Do you think that traders will turn bullish on the positive cues on shorter time frames? Please share your views with us.  

Summary

CME Bitcoin Futures Price Protects Key Level with Monthly Closing Due Tomorrow

Article Name

CME Bitcoin Futures Price Protects Key Level with Monthly Closing Due Tomorrow

Description

The expiry of Bitcoin [BTC] monthly futures contract on CME for December is due tomorrow. This will be the closing price of the futures contract for the year 2o19.

Author

Nivesh Rustgi

Publisher Name

CoinGape

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cryptocoach

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

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The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

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