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ZYTrade Technical Snapshot - Bitcoin Futures (BTC)

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Theres been a lot of activity in the crypto space, not necessarily directly impacting cryptos in particular but having more to do with the undercurrents upon which all cryptos float. PayPals announcement that they will be taking cryptocurrencies helped boost the values of each major digital currency, as we can see in BTCs chart above. Furthermore, Singaporean bank DBS announced its plans to create a cryptocurrency exchange--a potentially big deal, as it may prompt other banks in the region to do the same (to remain competitive with DBS), and the overall effect may be one of introducing cryptos to the mainstream economy. Activities around the space concern mostly stablecoins--specifically, central bank digital currencies (CBDCs), in which China seems to be ahead of the game, poised to issue their digital yuan in the retail market. Concurrently, JPMorgans Onyx project is a widening of its dollar-pegged project (JPMcoin) which is currently being used to facilitate faster and more efficient cross-border payments.

So, BTC has had a run up. Potentially, where to from here? Theres strong resistance at 14,170 shown at [1], which marks its June 2019 high. Should BTC continue higher, it will come across its January 2018 resistance at 16,845. On the downside, 9,955 is an area where near-term support and the 200 EMA converge. Below that, critical support can be found at 9,115. Finally, the 61.8% retracement line from the intermediate-term bottom is at 7.940. These areas below the current price may be suitable price targets (for bears) or buying levels (for bulls).

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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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