12.06.201910:22 Forex Analysis & Reviews: Bitcoin. CBOE closes Bitcoin futures trading, but there's no reason to panic

As it became known yesterday, the Chicago Board Options Exchange (CBOE) closes futures trading on bitcoin. The company said that they want to take a break in the listing of futures for bitcoin, as it is necessary to re-evaluate the approach to this instrument.

However, many experts believe that the reason is different. Most likely due to the sharp decline in demand was due to the complete dominance of CME in this area. Let me remind you that the futures volumes on CME continue to increase quite seriously every day.

Signal to buy Bitcoin (BTC):

While trading is above 7860, the demand for bitcoin will remain, which allows you to build a new wave of growth with an update of the maximum 8190 and 8490, where I recommend fixing the profits. In the case of a return to the support of 7860, the demand for bitcoin will be noticeable in the area of the minimum of 7 460, subject to another false breakdown. However, you can open a long position immediately on the rebound from a minimum of 7260.

Signal to sell Bitcoin (BTC):

Yesterday, the bears tried to come back under the support level of 7840, but did not find support among the major players. Only a repeated decline under this range will increase the pressure on the cryptocurrency and lead to another test of support for 7460. However, we can talk about the resumption of the bear market only after the breakthrough of 7460, which will push bitcoin to the lows in the region of 7260 and 6820, where I recommend taking the profits. In the scenario of further growth, you can sell bitcoin on a rebound from a maximum of 8190 and 8480.