Crypto Trading #17 – Bitcoin Futures Tech Analysis Update

Hi everyone this is JB Trader and welcome to Crypto trading today want to take a look at the current price section of the Bitcoin futures and what I have on my chart right now is the January 2018 contract

And the symbol that I have pulled up in the tradestation platform is BTC F18 and again that’s January 2018 contract and I have a daily chart fold up

And just what’s going on right now is we’re still in an overall downtrend

Okay so before the Simi release the Bitcoin futures see this big rally up in price and it’s just been kind of on a downtrend ever since

And I actually can put another trend lineup here because we’ve had a sharper decline in price. The last video that I looked at when I analyze this price chart, this was the current area of support and this price point is about 12200

And I said that just keep an eye out for this price point because of price breaks it then the downturn is going to continue and I have no historical data to look at to see an area of support that can catch that price that falls in price

And so when it actually did break on this day right here, it went all the way down to about 9200 before it had a bounce up, rallied up to about 11900 roughly around 12000

And then price fell away again, so either this area of support is going to hold or the downtrend will continue an order for the downtrend to continue we need a lower low and price we need to break 9223 basically for the down trying to continue

And even if price rallied up and we’re like a price going back up again all it has to do is rally right up to here around this 13000 point area anywhere right here from roughly 14300, about 12800 anywhere in this area

It can just bounce off of this primary trendline and still fall and the downtrend will still be a valid

So just keep your eye out for that either we’re going to break this low or we need to make a higher high and show some strength and we need to rally pass 14300 and so forth we need to get past really all of this

That be great but keep in mind on this contract is for January and it expires this Friday

This Friday, I believe is the 26th, and the land of settlement date is the last day of the month which is January 31st

There is a February contract so people you can still trade the February contract right now. Now I want you to take a look at the volume look to the upper left corner of the chart, you’ll see this V-897

And that tells you how many contracts have been treated today and that’s the volume is 898. So that’s the January 1

Now to pull up February, it’s a different symbol and that is going to be BTC G18 February 2018 contract

Look at the volume-313. So it’s 313 contracts traded today so it’s a lower volume amount, so this is the February contract similar chart lower volume

After that, we’ve got March and the symbol for March is BTC H18 against the similar chart, look at the volume V- 78. So most of the volume is still with the January Bitcoin futures contract even though it’s expiring this week

Now if you don’t want to have to go to each individual month for the Bitcoin Futures charts, you can look at the continuous contract and which is a chart that makes adjustments for each month.

It’s a kind of pull up all that data together into one price chart, so if you want to look at what you’re gonna pull up the @ symbol so it’s like an A, the @ symbol BTC looks like that

This is called a continuous contract. Again last week, the Bitcoin features January contract already expired on the Sibo. I was on the 17th and there was a lot of volatility with Bitcoin that day

And again the one for the CME expires this Friday on the 26th, so a lot of volatility, not a lot of historical data with Bitcoin future so just be mindful of that and maintain your risk on your capital

Have good risk management if you are trading these futures, so thanks for joining me, on the next video coming up I really want to take a look at what the Bitcoin features are doing in correlation with other futures Market

Is there a correlation is it inversely correlated meaning does it do the opposite of what different features market are doing or is there just no correlation whatsoever

And the Bitcoin futures market is just doing its own thing, so I’m gonna look at the ES, crude oil and the 30-year bond

I’m going to look at those price charts and see if there are any similarities or not the Bitcoin futures

If you want to check me out on Twitter, my Twitter handle is JB Trader and last week I just gave you a shout to an area of support when Bitcoin was falling and I also pointed out an area of resistance where if it rallied back up to where it would fall away from

And those numbers were pretty much on point with what happened so I do try to keep up with current price movement and I give a shout out on Twitter if I spot anything relevant that I use my own trading I’ll share it with you guys.

Thanks for joining me and I’ll see you soon.

 

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