Let’s shed some light on the underlying security (BTCUSD) before heading towards the price of bitcoin futures contracts of near month tenors.
Both intraday and minor trends of BTCUSD have been weaker as the current price of this pair has slid below 7DMAs at $9,500 mark. Although Bitcoin bears linger, the trading sentiments seemed to be mixed today on reports that Chinese cops seized lots of mainframe computers meant for mining Bitcoin due to huge consumption of electricity.
Well, as shown on the intraday plotting of BTC1! (Bitcoin futures of 1m tenors), the bearish swings are lingering to slide below 7DMAs and EMAs especially after forming back-to-back hanging man and bearish engulfing pattern candlesticks.
Please be noted that despite gap up candle at 9575 levels, the bears resume at peaks of the stern rallies (refer 4H chart).
While the hanging man patterns have occurred at 9450, 9580 and 9675 levels followed by bearish engulfing pattern candle has occurred at 9415 levels after the failure swings at 9750 levels (refer 2H chart), consequently, the prices began plummeting below 7DMAs, while both leading indicators seem to be in bears favor.
Both RSI and stochastic curves converge downwards to the price dips to signal the overbought pressures.
While both trend indicators (EMAs and MACD) are indecisive, not indicating the trend clarity.
Currency Strength Index: FxWirePro's hourly USD spot index has shown 119 (which is bullish), while hourly BTC spot index was at 155 (bullish) while articulating at 06:22 GMT.
Hence, while holding underlying outrights in order to participate in bull-swings, one can add 1w ATM delta put in order to protect from the ongoing price dips, it would be wise to seek OTC put contracts than futures as long as BTCUSD keeps sliding further.
Both intraday and minor trends of BTCUSD have been weaker as the current price of this pair has slid below 7DMAs at $9,500 mark. Although Bitcoin bears linger, the trading sentiments seemed to be mixed today on reports that Chinese cops seized lots of mainframe computers meant for mining Bitcoin due to huge consumption of electricity.
Well, as shown on the intraday plotting of BTC1! (Bitcoin futures of 1m tenors), the bearish swings are lingering to slide below 7DMAs and EMAs especially after forming back-to-back hanging man and bearish engulfing pattern candlesticks.
Please be noted that despite gap up candle at 9575 levels, the bears resume at peaks of the stern rallies (refer 4H chart).
While the hanging man patterns have occurred at 9450, 9580 and 9675 levels followed by bearish engulfing pattern candle has occurred at 9415 levels after the failure swings at 9750 levels (refer 2H chart), consequently, the prices began plummeting below 7DMAs, while both leading indicators seem to be in bears favor.
Both RSI and stochastic curves converge downwards to the price dips to signal the overbought pressures.
While both trend indicators (EMAs and MACD) are indecisive, not indicating the trend clarity.
Currency Strength Index: FxWirePro's hourly USD spot index has shown 119 (which is bullish), while hourly BTC spot index was at 155 (bullish) while articulating at 06:22 GMT.
Hence, while holding underlying outrights in order to participate in bull-swings, one can add 1w ATM delta put in order to protect from the ongoing price dips, it would be wise to seek OTC put contracts than futures as long as BTCUSD keeps sliding further.