The bitcoin prices have been very volatile over the weekend as the prices dipped towards the $13000 region only to recover as we headed to the end of Sunday and the prices have since bounced back to the $16000 region as of this writing and seems to be ready for another bullish leg. But it has to be noted with care that the bitcoin futures trading has begun at the CBOE and this is likely to lead to some good 2 way trading at that exchange. We also have reports saying that there have been some very strong volumes in this market since its open which should lead to some volatility in the prices.
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So it is advisable for the traders to wait it out and see what kind of volatility and price action is caused by the introduction of the bitcoin futures and then jump in on the longs. The futures are going to be launched at the CME as well in a weeks time and this is going to add even more liquidity and volatility in the markets as we near the end of what has been a momentous year for the bitcoin industry. This futures trading is only going to add to the intrigue and we will have to see how the market responds to this development or whether it is just going to shrug off this development and continue to move higher.
The ETH market has been slowly recovering from the congestion in its network over the last week and this has helped the prices to recover a bit over the weekend. After making a journey towards the $500 region, we are now seeing the prices back below the $450 region and it looks as though this consolidation and ranging would continue.
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Looking ahead to the rest of the day, we expect the BTC market to continue to remain bullish and if this continues and the market shrugs off the introduction of the BTC futures, then we should see the prices challenge the $17,000 region once again and move further.
This article was originally posted on FX Empire