Looking at Bitcoin futures, we are going to stick with our idea that big institutions are going to be big buyers of Bitcoin headed into the end of the year. The recent rally in big coins and alts is creating a sense of FOMO in the crypto markets. The crypto bid should eventually spill over in Bitcoin. The idea is to stay hungry and maintain your eagerness to experience the big move to a new high.
Bottom Line: With Ethereum and Litecoin playing catch up for 2019 performance, it's a question of time before a big move higher starts in Bitcoin. We still like our head and shoulders bottom structure in Bitcoin futures. Right now, the right shoulder is forming. From a Gann point of view, a move back to 10,400 could trigger a more significant move higher.
Bottom Line: With Ethereum and Litecoin playing catch up for 2019 performance, it's a question of time before a big move higher starts in Bitcoin. We still like our head and shoulders bottom structure in Bitcoin futures. Right now, the right shoulder is forming. From a Gann point of view, a move back to 10,400 could trigger a more significant move higher.