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.
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
The RSI is also neutrally poised between the oversold and over-bought region.
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.
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