7/29 ANDY HOFFMAN (CryptoGoldCentral.com): Keep an Eye on CME Bitcoin Futures, For More Bullish Queues
On Friday, I wrote of the “intergenerational wisdom older investors bring to the cryptocurrency space – as given its nascence and technology focus, there simply aren’t that many mainstream, “legacy” investors around. Whether you deem me “wise” is another story; however, it cannot be disputed that I have lived and breathed the financial market wars…particularly in the sound money arena, where I spent 15 years as one of the world’s leading Precious Metals authorities. And NOWHERE will you find anyone as attuned to the vagaries of rigged financial markets like “paper” gold and silver – which is why my observations of Bitcoin futures are worth hearing.
As discussed in countless articles, I do NOT believe Bitcoin markets are manipulated, for a variety of reasons I don’t care to rehash today. However, given the bear market mentality of the past six months – which is slowly dissipating, but not yet gone – “traders” have relentlessly preyed on jittery markets by “walking down” prices whenever bonified buyers aren’t present…and at the first sign of trouble, panic-sold dozens, if not hundreds of times. Thus, while it at times SEEMS like prices are being suppressed, it appears more likely that traders are simply playing what they believe – erroneously, in recent weeks – to be a primary bear trend. Which, to their chagrin, has been a painful strategy to employ in recent weeks, as prices surged from $5,700 to $8,500.
NOWHERE is this more obvious than in the CME Bitcoin futures markets – which remain miniscule relative to the spot market, but have seen recently, and BULLISHLY, seen record trading volumes…particularly on Sunday nights, when they open at the extremely thin global trading time of 5 pm CST. I.e., when it’s past dinnertime in New York, the middle of the night in London, and in the wee hours of the Tokyo morning. Just like gold futures, which open the exact same time, the proportion of weeks when Bitcoin futures open lower, relative to higher, has been staggeringly disproportionate.
https://dailyhodl.com/2018/07/20/daily-volume-on-bitcoin-futures-surges-up-93-in-q2/
True, the previous Bitcoin bull market (coincidentally) peaked the week CME futures were launched – but still, it couldn’t be clearer that traders use these openings, in thinly traded markets, to exert downward price pressure far more often than not…particularly when BTC prices were up over the weekend, so they can further the propaganda that all weekend prices rises in the (MUCH larger) physical Bitcoin market must be corrected when the (MUCH smaller) futures markets open. That said, now that blatantly BULLISH market action is returning – like the VOLUME that has accompanied the past week’s Bitcoin price surge…
https://twitter.com/Andy_Hoffman_CG/status/1021576516356857856
…it’s getting harder for the shorts to exert downward pressure – as they attempted at last Sunday’s Futures market opening, when prices plunged from $7,570 to $7,350, for no apparent reason, in the blink of an eye. Subsequently, I published the following, extremely prescient Tweet…just before $7,500 was retaken, enroute to $8,500 barely 12 hours later.
Andy Hoffman (#HODLBTC) @Andy_Hoffman_CG
If $7,500 can be retaken tonight, following a BLATANT, FUTURES-OPENING raid, shorts could be toast tomorrow morning...and KING TA FUDster, roadkill. Just 1 or 2 billionaires or institutions buying $10 million worth could literally DESTROY THE SHORTS. #Bitcoin community, UNITE!
4:39 PM - 22 Jul 2018
FYI, it couldn’t be more obvious that, per the propaganda cited above, shorts were “targeting” the Friday futures close of $7,340, which I noted at the time…as well as the “real market” response that followed…
https://twitter.com/Andy_Hoffman_CG/status/1021159937869660163
So, as we head into another Futures market opening tonight, I find it interesting that spot Bitcoin prices, as I write, are trading at nearly exactly the $8,210 price the Futures market closed at Friday night. To that end, I eagerly await 5 PM CST, to see if further “bull market action” emerges, in one of the bears’ last bastions of “legal” Bitcoin price suppression.
Andy's posting streak is still alive. Believe it or not, Andy has something in common with Roger Ver. They both disagree with Tone Vays.