{"id":538352,"date":"2023-06-17T19:22:52","date_gmt":"2023-06-17T19:22:52","guid":{"rendered":"https:\/\/uniquehot.com\/?p=538352"},"modified":"2024-06-11T07:07:43","modified_gmt":"2024-06-11T07:07:43","slug":"bitcoin-recovers-above-critical-level-2023","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-recovers-above-critical-level-2023\/","title":{"rendered":"Bitcoin Recovers Above Critical Level, Why Bulls Could Be Ready To Charge"},"content":{"rendered":"

Bitcoin CME Futures BTC1 front month continuous contract price action closes over the weekend, making Friday evening the closing bell for the week. This Friday’s close saw price recover above a crucial level that in the past led to a bullish impulse in crypto. Here is a closer look at why bulls could be ready to charge in the coming weeks.<\/p>\n

Using BTC CME Futures As A Crypto Crystal Ball<\/h2>\n

Large institutional traders don’t just trade spot BTCUSD, nor do they trade on Binance, ByBit, or another crypto platform. When they want to speculate and trade using derivatives contracts, they look to the Chicago Mercantile Exchange, better known as CME Group<\/a>.<\/p>\n

Unlike the 24\/7, always-on crypto market, CME Group charts close down for the weekend and holidays much like stocks. Due to this behavior, the chart often features gaps that don’t appear on standard BTCUSD price charts. Discrepancies between BTC CME Futures charts and BTCUSD charts can lead to fakeouts and shakeouts<\/a>.<\/p>\n

Related Reading: One Coin, Two Trades: Why Bitcoin Futures And Spot Signals Don\u2019t Match Up<\/a><\/div>\n

Because Bitcoin CME Futures does stop on Friday for the weekend, it also can provide early<\/em> clues<\/em> as to how spot price charts might close on Sunday night. In this case, BTC Futures has reclaimed the Bollinger Band basis line, often referred to as the “mid-BB”.<\/p>\n

\"BTC1!_2023-06-17_09-27-32\"<\/p>\n

Is the third time the charm? | BTCUSD on TradingView.com<\/a><\/pre>\n
Bitcoin Price Recovers Above The Bollinger Band Basis Line<\/h2>\n
The basis line on the Bollinger Bands<\/a> is a 20-period simple moving average. The tool’s creator, John Bollinger, then adds an upper and lower band set at two standard deviations of the SMA. This causes the bands to expand and contract with market volatility.<\/p>\n
Like any moving average, it can act as dynamic support and resistance, holding up price action or preventing it from pushing along further. Following this Friday’s BTC Futures weekly close, Bitcoin has made it back above the mid-BB, possibly confirming it as support.<\/p>\n
Related Reading: Bitcoin \u201cThrowback\u201d Could Trigger Flawless Technical Bottom Formation<\/a><\/div>\n
In the upper portion of the chart above, Bitcoin goes on an impulsive uptrend after holding above the basis line in 2019 and 2020. The lower portion depicts a closer look at this latest weekly close. Unless there is a massive collapse before Sunday night, BTCUSD technicals should follow suit. And if history repeats, a bull run could follow.<\/p>\n
Is Bitcoin ready for a strong rally higher after reclaiming the key level as support? This chart was featured in issue #8 of CoinChartist (VIP)<\/a> alongside a dozen other exclusive crypto charts. Click here<\/a> to learn more.<\/p>\n
Tony is the author of the CoinChartist (VIP) newsletter<\/a>. Follow @TonyTheBullBTC<\/a> & @coinchartist_io<\/a> on Twitter. Or join\u00a0the TonyTradesBTC Telegram<\/a> for daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin CME Futures BTC1 front month continuous contract price action closes over the weekend, making Friday evening the closing bell for the week. This Friday’s close saw price recover above a crucial level that in the past led to a bullish impulse in crypto. Here is a closer look at why bulls could be ready to charge in the coming weeks. Using BTC CME Futures As A Crypto Crystal Ball Large institutional traders don’t just trade spot BTCUSD, nor do they trade on Binance, ByBit, or another crypto platform. When they want to speculate and trade using derivatives contracts, they look to the Chicago Mercantile Exchange, better known as CME Group. Unlike the 24\/7, always-on crypto market, CME Group charts close down for the weekend and holidays much like stocks. Due to this behavior, the chart often features gaps that don’t appear on standard BTCUSD price charts. Discrepancies between BTC CME Futures charts and BTCUSD charts can lead to fakeouts and shakeouts. Related Reading: One Coin, Two Trades: Why Bitcoin Futures And Spot Signals Don\u2019t Match Up Because Bitcoin CME Futures does stop on Friday for the weekend, it also can provide early clues as to how spot price charts might close on Sunday night. In this case, BTC Futures has reclaimed the Bollinger Band basis line, often referred to as the “mid-BB”. Is the third time the charm? | BTCUSD on TradingView.com Bitcoin Price Recovers Above The Bollinger Band Basis Line The basis line on the Bollinger Bands is a 20-period simple moving average. The tool’s creator, John Bollinger, then adds an upper and lower band set at two standard deviations of the SMA. This causes the bands to expand and contract with market volatility. Like any moving average, it can act as dynamic support and resistance, holding up price action or preventing it from pushing along further. Following this Friday’s BTC Futures weekly close, Bitcoin has made it back above the mid-BB, possibly confirming it as support. Related Reading: Bitcoin \u201cThrowback\u201d Could Trigger Flawless Technical Bottom Formation In the upper portion of the chart above, Bitcoin goes on an impulsive uptrend after holding above the basis line in 2019 and 2020. The lower portion depicts a closer look at this latest weekly close. Unless there is a massive collapse before Sunday night, BTCUSD technicals should follow suit. And if history repeats, a bull run could follow. Is Bitcoin ready for a strong rally higher after reclaiming the key level as support? This chart was featured in issue #8 of CoinChartist (VIP) alongside a dozen other exclusive crypto charts. Click here to learn more. Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join\u00a0the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":538354,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,82859,78790,6664],"class_list":["post-538352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdc","tag-btcusdt","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin Recovers Above Critical Level, Why Bulls Could Be Ready To Charge<\/title>\n<meta name=\"description\" content=\"Bitcoin CME Futures BTC1 front month continuous contract price action closes over the weekend, making Friday evening the closing bell for the week. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Recovers Above Critical Level, Why Bulls Could Be Ready To Charge","url":"http:\/\/uniquehot.com\/news\/bitcoin-recovers-above-critical-level-2023\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-recovers-above-critical-level-2023\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/iStock-933665824.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/iStock-933665824.jpg?fit=1193%2C879"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdc","btcusdt","crypto"],"dateCreated":"2023-06-17T19:22:52Z","datePublished":"2023-06-17T19:22:52Z","dateModified":"2024-06-11T07:07:43Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Recovers Above Critical Level, Why Bulls Could Be Ready To Charge\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-recovers-above-critical-level-2023\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-recovers-above-critical-level-2023\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/iStock-933665824.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/iStock-933665824.jpg?fit=1193%2C879\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdc\",\"btcusdt\",\"crypto\"],\"dateCreated\":\"2023-06-17T19:22:52Z\",\"datePublished\":\"2023-06-17T19:22:52Z\",\"dateModified\":\"2024-06-11T07:07:43Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/06\/iStock-933665824.jpg?fit=1193%2C879","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/538352"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=538352"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/538352\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/538354"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=538352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=538352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=538352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}