Bitcoin Futures is trading at $4020 on 29th March 2019 at around 4: 00 hours UTC. The futures market broke the $4000 level on 29th March 2019 for the second time this year.
Futures Traders Jim Luorio and Scott nations discuss the fundamentals, and technical levels to watch out for in the CNBC futures now segment.
On the Fundamentals front, trader Scott Nations sounded apprehensive of the “weak fundamentals” that could hinder the growth of Bitcoin as an asset.
Scott Nations Said, ” I don’t particularly like it… I don’t see what fundamentals would drive the price.”
He also emphasized on the fact that private blockchain projects like JPM coins are highly unlikely to push the price of Bitcoin up, as they do not add “reflected glory for Bitcoin.”
However, according to Nations, Bitcoin has strong fundamentals when the demand for Gold Futures is taken into account. As the demand for Gold Futures has gone down significantly.
Scott said, ” No one seems to want gold anymore “
Technical Levels to Watch-Out for
Jim Luorio called out a buy signal for Bitcoin Futures at the $4045 mark. The target for the buy order according to him is $4450. However, he also noted that $3820 would be the stop-loss for the same. He called the $4000 level as a “big psychological level for Bitcoin Futures.”
A couple of other positive takeaways from the talk was Bitcoin’s low volatility and improved price discovery. The volatility in Bitcoin in the past 30 days in 1.29%. They also recognized the influx of institutional traders and platforms, which has improved the “price discovery” characteristics of Bitcoin significantly.
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