Have we all been looking at the wrong BTC chart?

CME:BTC1!   Bitcoin CME Futures
A glimmer of home in these bearish times. Whilst the bounce in late October came off the 200 weekly moving average in the BTCUSD charts, once we switch to the CME Bitcoin Futures chart (who promised to "tame" Bitcoin ) it takes a different significance - with a direct bounce off the 200 daily moving average. All CME gaps (due to large weekend BTCUSD price movement being missed by CME when it is not open) eventually get filled, so do not underestimate the influence of CME Futures on BTC price movement. Incidentally, CME Bitcoin Futures still has a gap at $11695-11795 and history would dictate that one way or another we will revisit that area - even if only in a CME wick spiking up.

  • The CME daily 200MA is exactly where we struggled during the spring bull run, exactly where we found strong support in October, and it just happens to be exactly where we are right now.

  • Whilst most other technical analysis would suggest we are going to $6750 (then further down into the $5-6k range), if the CME daily 200MA holds it could well prove to be the support and excellent entry point of the next bullish move. Keep an eye on it.

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Please give me a thumbs up and follow me if you found my analysis interesting. This is for educational purposes only and not a recommendation to buy or sell.


So much for your 200 day moving average support...it dip well below since November 21th...nice try...
@Brochardt, I didn't say it would hold, but it's wise to keep all possibles areas of support/resistance in mind. Meanwhile, you'll notice the descending support line I drew has held perfectly.