Bitcoin Recovers Above Critical Level, Why Bulls Could Be Ready To Charge

2023-6-17 22:22

Bitcoin CME Futures BTC1 front month continuous contract price action closes over the weekend, making Friday evening the closing bell for the week. This Friday’s close saw price recover above a crucial level that in the past led to a bullish impulse in crypto. Here is a closer look at why bulls could be ready to charge in the coming weeks.

Using BTC CME Futures As A Crypto Crystal Ball

Large institutional traders don’t just trade spot BTCUSD, nor do they trade on Binance, ByBit, or another crypto platform. When they want to speculate and trade using derivatives contracts, they look to the Chicago Mercantile Exchange, better known as CME Group.

Unlike the 24/7, always-on crypto market, CME Group charts close down for the weekend and holidays much like stocks. Due to this behavior, the chart often features gaps that don’t appear on standard BTCUSD price charts. Discrepancies between BTC CME Futures charts and BTCUSD charts can lead to fakeouts and shakeouts.

Because Bitcoin CME Futures does stop on Friday for the weekend, it also can provide early clues as to how spot price charts might close on Sunday night. In this case, BTC Futures has reclaimed the Bollinger Band basis line, often referred to as the “mid-BB”.

Bitcoin Price Recovers Above The Bollinger Band Basis Line

The basis line on the Bollinger Bands is a 20-period simple moving average. The tool’s creator, John Bollinger, then adds an upper and lower band set at two standard deviations of the SMA. This causes the bands to expand and contract with market volatility.

Like any moving average, it can act as dynamic support and resistance, holding up price action or preventing it from pushing along further. Following this Friday’s BTC Futures weekly close, Bitcoin has made it back above the mid-BB, possibly confirming it as support.

In the upper portion of the chart above, Bitcoin goes on an impulsive uptrend after holding above the basis line in 2019 and 2020. The lower portion depicts a closer look at this latest weekly close. Unless there is a massive collapse before Sunday night, BTCUSD technicals should follow suit. And if history repeats, a bull run could follow.

Is Bitcoin ready for a strong rally higher after reclaiming the key level as support? This chart was featured in issue #8 of CoinChartist (VIP) alongside a dozen other exclusive crypto charts. Click here to learn more.

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price friday bitcoin above level week bell

Источник: newsbtc.com

price friday → Результатов: 126


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