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

By Nivesh Rustgi
Published December 26, 2019 Updated December 26, 2019
Best Buy In

DeFi Platform

Exchanges

Wallet

us bank charter stablecoin disruptor
Image Source: Shutterstock

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

By Nivesh Rustgi
Published December 26, 2019 Updated December 26, 2019

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.

btcusd cme chart
BTC/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.  

advertisement

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

Loading Next Story