Futures market is a zero sum game just as the real BTC market on crypto exchanges, you need buyers and sellers. You can’t just short BTC and hope for the best. Also, it can’t directly influence the BTC markets. You would have to have actual bitcoin and trade it in order for it to affect the BTC price. I have heard people dismissing futures as having any influence on BTC and that is true.
But, the theory is that if you have a lot of BTC prior to the launch of futures then you can short it, make pressure on the markets so other institutions and big holder start to sell. Then you take profits on the real BTC markets AND on the futures market. You short the futures and because you are selling the real Bitcoin, of course your short will win!
Sounds like a very sinister move but when you look at the chart, it kind of rings true.
I liked this article reporting on it:
CME Bitcoin futures contract will Boom or Bust Tomorrow?
https://www.coingape.com/first-cme-bitcoin-futures-contracts-expires-on-26-january-2018/
CME futures expired in the last hours and maybe we start to see more upside now. Maybe they sold of what they intended, and also, we are just at the spot where the crazy rally started in the first place. Hint, hint.
On the downside, one final washout to 8k would really put the nail in the coffin and I doubt we’d see it lower. In the long term, I am definitely bullish and I will hold on to my BTC and alts as I’d hold to my favourite stout.
This has been a tough month for BTC and our holdings. I hope you handled the pressure well and I see little sense in selling now. If you do, at least try to do bounce plays with tight stops.
Lots of alts have nice looking charts, that also fills me with optimism for the future. STEEM being the first! EOS! ETH! GAS! NEO! Just to name a few.. Keep an eye on those. Also, when in doubt, I always just load up on ETC, it seems undervalued for a long time now. Also I like to use it for transfers from exchange to exchange. It’s omnipresent with some volume almost everywhere.
What are your favourite alts and are you bullish on BTC?
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