CME looking to add bitcoin futures
As Adam reported earlier, the CME is looking to add bitcoin futures by the end of the year. He points out that the news might be more bearish as it takes the scarcity out of bitcoin. We are seeing that now as other "bitcoins" start to flood the market with similar products. None of which is really accepted as a unit of exchange for goods and services. So to me they are just a speculative instrument.
Anyway, the price has moved higher and trades at yet another record. The high has reached $6416.39. In the process, the price has moved above its topside trend line at $6297 (and moving higher). Stay above, and the bulls remain in control. Move below and the buyers today, may start to rethink their purchases. Watch that level for bias clues in the crytocurrency.
As mentioned in previous posts, trading the crytocurrency requires paying attention to the technicals. The volatility is just too great. So the smart traders out there in cryptotrading, will tend to define and limit risk against key technical levels. To ignore the clues opens yourself up to potentially big swings.
So be careful. Be disciplined and listen to what "the market" is saying
