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ZYTrade Technical Snapshot: Bitcoin Futures (BTC)

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Bitcoin futures are currently locked within a wide trading range with resistance at 10655 and support at 6455, fluctuating widely above its 200-EMA. In the near term, BTC prices appear to be forming a symmetrical triangle, a situation which can see a short-term breakout either way, The support and resistance levels noted above might serve as effective price targets depending on the direction of the breakout.

In 2018, Bitcoin, the cryptocurrency itself, rivaled gold as a then-popular safe haven. If we were to make that comparison now, we can see BTC currently outperforming gold, but with a March plunge that dwarfed the yellow metal, its volatility immense for a so-called safe haven.

Trading futures, options on futures, and forex involves substantial risk of loss and is not suitable for all investors. The use of leverage is not suitable for all investors and losses exceeding your initial deposit is possible. Carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources and only risk capital should be used. Opinions, market data, and recommendations are subject to change at any time. The lower the margin used the higher the leverage and therefore increases your risk. Past performance is not necessarily indicative of future results.

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About the author

Karl Montevirgen is an independent content writer. Having been involved in the commodities and FX markets for the last 9 years, Karl writes for several companies and publications in the finance space. 

You can view his extended profile, list of publications, and theoretical content work on his LinkedIn page. 

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