Bitcoin Futures Are Now Being Traded - So, Whats Going On With The Real Bitcoin?

So, the futures market is now in full action and in a short bit I will show you the data coming out from CBOE. But first, lets have a look at the daily chart and see how Bitcoin performed yesterday:

Comment: We formed a nice looking hammer again, for the third day in a row, but today, we actually had a green day. To me, it does look like the bull flag is still intact and in fact, we have actually broken out to the upside, but it is still too early to say if we will revisit the old ATH. But what about the futures trading? Well, lets head over to CBOE and their home page and have a look:

Comment: As we can see, the trading is now active but to me, the volume does look pretty low at the moment, only 803 contracts. Anyways, as of now, the only contracts being traded are the ones with an expiration date of January 17, 2018 which is 5 weeks from now. There are also, options for February and March, but they dont have any volume as of now.

Therefore, it does not look like the futures trading is affecting the Bitcoin market to the downside since Bitcoin right now is up about 2%.

But if we go back to the daily chart, I do think that Bitcoin could continue to rise from here. The next target is yesterdays high, which is 15390 and after that it is the ATH at 16666.

There you have it, I will watch this very closely going forward and I will make another update if something dramatic will occur.

Happy trading!