Professional Traders Profiting from Bitcoin Volatility
$BTCUSD, $CBOE, $CME
Buying and selling Bitcoin is one of the fastest and easiest ways of making money from cryptocurrency. With the value fluctuating so much during a day, it is a dream for any experienced investor or a trader. It is a nightmare for a civilian player.
Bitcoin fell 4.86% Saturday, off the back of a sharp pull back from the day’s intra-day high $8,356.4 that continued through Sunday’s intra-day low $7,325.37, marked late in the afternoon.
Perhaps retail investors responded to the news of Twitter’s (NYSE:TWTR) plans to ban crypto ICO ads in the weeks ahead.
That was not really damaging, as the cryptocurrency market is very active.
Currently, Bitcoin is trading at: 8,607.9951,+319.99 or +3.86% as of 3:43a GMT the market is open.
A Sunday evening bounce back through to an end of day $8,280 was nice move into the weekend close, with Bitcoin moving through and holding above the day’s 1st resistance at $8,232.2, when considering that Bitcoin traded through the day’s 2 important support marks earlier in the day.
News hitting the wires of expectations that the G20 will not look to introduce damaging regulations provided much needed support for the cryptos late Sunday and for Bitcoin through the early part of this morning.
Bitcoin was up 1.52% to $8,312.91 at the time of the chart image above, with Bitcoin Cash the only major crypto sitting in the red at the time of writing.
With Bitcoin sitting at the day’s 38.2% Fibo Retracement mark at $8,305.8, a move back through to Monday’s intra-day high $8,461.38 would support a run at the 1st resistance at $8,598.21 which it broke.
Bitcoin has managed to gain $1,000+ since Sunday lows.
And while there is talk of the G-20 taking a soft approach to the cryptocurrency market, last week’s session in Congress suggests perhaps so, and some caution is prudent for civilian players.
Looking at the Cboe Bitcoin Futures April contract, Monday morning’s $245 fall to $8,340 supports current marks, expect the professional traders to rule, as retail investors watch from the sidelines.