- New CME BTC contract specifications to be effected after approval.
- Bitcoin defends $9,063 support as bulls return for another round of gains.
The existing Bitcoin futures contract on the Chicago Merchantile Exchange Group [CME] will soon be subjected to new specifications according to a recent announcement. The new specifications are probably going to be effected early 2020. However, CME is yet to receive the required approval for the said options contracts.
The new specifications provide that at the time of contract trading termination, a provision will be provided for them to be moved to a single Bitcoin futures contract. A single Bitcoin futures contract holds five Bitcoins. The price for BTC will be referred to in USD.
Bitcoin confluence levels
Bitcoin is gradually returning in the green amid a general upward correction in the market. The price is above $9,200 from an intraday low of $9,063. The confluence detector shows Bitcoin bulls knock on the barrier at $9,227. The various indicators hauled up in this zone including the previous high 15-minutes, previous high one-hour, pivot point one-week resistance one, previous high four-hour high and Bollinger Band one-hour upper. The next resistance is observed at $9,799.
Meanwhile, Bitcoin is supported at $9,036, a zone highlighted above the Fibonacci 38.2% one-month, the pivot point one-day support one and the Simple Moving Average (SMA) 200 one-day.
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