Bitcoin (BTC) Rally Takes A Pause, More Cryptos Coming

    Bitcoin (BTC) is currently trading around $16,377.25, down $814.95 from the previous close. Bitcoin (Currency:BTC) jumped in 7 out of the past 10 sessions. The launch of Bitcoin futures on the Chicago Derivatives Exchange went smoothly. CBOE boss Ed Tilly is already thinking of the next steps: he is considering introducing more cryptocurrency products.

    After the smooth introduction of Bitcoin futures contracts, the Chicago CBOE Exchange is considering additional cyber-currency financial products. “We will build confidence in the coming months, and stay tuned, there will be more,” said CBOE chief Ed Tilly on Monday the news agency Reuters. These could be options on futures contracts and index funds (ETFs). Also, products could follow for other crypto currencies except Bitcoin.

    On Sunday night, the first futures contract on Bitcoin made its debut on the CBOE, one of the world’s largest derivatives exchanges. Although there had been a brief break after a ten percent rise, Tilly said. But overall, everything had run smoothly. “We could not be happier with how it went last night.” The Future had gone on the market at $15,000.

    Let’s solely look at the price pattern. Classic standard pivot point of the red hot currency is 16444.0. On the upside, the bitcoin will face resistance at the 16654 level, followed by another resistance at 16767 levels and at 16977 levels. Now that we have the resistance, we can move on to some support levels. The first level of support, or S1, is 16008, 16121 has held as second level of support and 16331 is the third level of support on the downside.

    From at least one technical indicator, Bitcoin price is definitely getting overbought. Its Stoch has a rating at 89.282. The Williams %R is also telling the same story, displaying a value of -13.259. In addition RSI oscillator for BTC/USD has reached to 51.904 which means neutral. The STOCHRSI suggests that BTCUSD is oversold with 13.030.

    Trading activity stretched to 186,148, marking third consecutive day of decline in volume. Bitcoin (BTC) price at the open on 11-Dec-17 was $15,288.25 but as the session wore on, the digital currency escalated, closing with a gain of 7.95%. The crypto currency ended the day at $17,192.20. BTC staged the smart recovery as has roared back some 2,048.17% after stumbling to its 52-weeks low of $762.38. As for the bitcoin, it has gone above the 20 days moving average of $10,815.06. Currently the price is sitting higher than its $7,866.18 50 days moving average. Analyzing the last five market sessions, the stock was able to report -39.31% gains, thus going up by 1,618.57% in the current year.

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