Bitcoin [BTC] Futures Traders Bullish; Targets and Stop Loss To Watch: CNBC Update

By Nivesh Rustgi
Published April 24, 2019 Updated April 24, 2019
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Bitcoin [BTC] Futures Traders Bullish; Targets and Stop Loss To Watch: CNBC Update

By Nivesh Rustgi
Published April 24, 2019 Updated April 24, 2019

Bitcoin broke its 5-month high as it broke $5600 on 23rd April 2019. The price of Bitcoin CME Futures (Symbol: BTJ19) at 14: 30 hours UTC on 24th April 2019 is $5460.

CNBC broadcaster, Dominic Chu, interviewed traders Jim Luorio and Jeff Kilburg about their views on the move and also their targets.

Also Read: Bitcoin [BTC] Begins Rally With Two Strong Bullish Signals, First ‘Take Profit’ at $5800: Analyst

Traders are Bullish: Can expect a shoot above $6000

Jim Luorio is a Futures trader who acknowledges that the fact he has little knowledge of the fundamentals and the chain. However, according to his price analysis, $5500 will the support level to buy Bitcoin. He added:

“Over the last weeks was in a relatively tight consolidation period and then it’s moved out.. My target (which) I have been saying since $4000 is $6100”

bitcoin futures
Bitcoin Futures Target by Jim Luorio (CNBC)

He expects the target to be achieved shortly. Moreover, he also expects that it might shoot above $6000 and “do a head fake and go around.” However, he also advised a stop below $5150.

Evident Back and Fill Trading Characteristics

Another Futures trader Jeff Kilburg was “on borad” with Luorio’s analysis. Fundamentally, he suggested that buyers are looking to enter the space back. He also indicated that a shoot towards $6300, the old support level is possible, keeping the ‘back and fill’ principals in mind. 

Back and fill trading it when the traders are unsure of the movements and a side-ways action on price moves back to the filling of more orders. Hence, if there is sufficient buy pressure above $5500 it might be looking at a $6300 support level again.

The trading volume on CME futures Exchange is significant and reportedly, equivalent to the trading volume of actual Bitcoin on Cryptocurrency Exchange. Bitcoin Futures is an important price level to watch out for; Traditional Exchanges are highly regulated and would be more resistant to abnormal trades and FOMO (Fear of Missing Out) reaction due to experience and regulation.

Do you agree with their analysis? Please share your views with us. 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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