Bitcoin price is registering bullish sentiments right now as it manages to cross $6,800 at one point today while having the daily trading volume of $5.16 billion. However, with CME bitcoin futures last day being today, Bitcoin price can take a drop.
Will Bitcoin see a drop? seems unlikely!
The crypto market is doing well right now with greens in domination. However, today is also the day for CME Bitcoin futures last trade. Usually, when CME futures expire, Bitcoin price takes a dip which is yet to even take effect this time which just might suggest we might not see any red.
At the time of writing, Bitcoin has been trading at $6,616 while being slightly up in the past 24-hours. The world’s leading cryptocurrency is managing a hike in its daily trading volume at $5.16 billion. Today’s trading range of Bitcoin has been from $6,587 to $6,826.
Previously, whenever Bitcoin futures expiration came on, the prices took a hit. For instance, on February 23rd, the day of futures expiry, prices went down from $11,418 to $9,756 as shown in the chart below.
However, last month on August 31, the day of CME Bitcoin Future Last Trade date, the prices weren’t as affected, though they do take a dip initially.
A bullish view? positively!
So, it seems unlikely that Bitcoin price will take a drop, however, a bullish scenario is surely on the horizon once this futures expiration passes, to be on the safe side.
Crypto trader Eric Choe shares both the sides of the coins with his Tweet:
1. Large Momentum
2. Current path to trend-line target
4. Daily / Weekly higher-high goal
1. Massively declining bullish volume
2. Resistance at trend-line and order block
3. EW ABC corrective pattern
— Eric Choe (Mr. Swing Trade) (@CryptoChoe) September 28, 2018
Meanwhile, cryptoanalyst, Squeeze is certainly bullish as he shares, “Everyone and their grandma are bullish right now,” before further adding:
Yeah it’s looking great short term.
But we’re still in the triangle.
CME futs last trade happening in 11 hours.
I reckon we would get to $6950 after that.
— Squeeze (@cryptoSqueeze) September 28, 2018
Moreover, according to the relative strength index (RSI), Bitcoin is up for an extended bull run. Bloomberg reported,
“Based on an analysis of RIG trend lines, a leading technical indicator that is a combination of the RSI and momentum studies, the momentum gauge crossed the relative strength index (RSI) gauge, which could be indicating a positive price movement is on the horizon. Bitcoin’s price rose the past three times the two gauges crossed.”
At the moment, the market is reflecting bullish views which means first $8k and then $10k seems to be the most likely the mark Bitcoin will achieve in the short term.
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Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com