FxWirePro- Major Crypto levels and bias summary 
FxWirePro- Major Crypto levels and bias summary 
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FxWirePro- Major Crypto levels and bias summary 
Short covering: Initiated shorts in BTCV2019 (CME BTC Futures October deliveries) at $8,380 on October 1st, (marked at 6.58% or $552). Hedging positions should remain intact.
The rationale: CME BTC Futures price chart shows a sharp gap down pattern, whereas the underlying price of Bitcoin (at Coinbase) is inching above $7,878 level after this weekends’ halting at $7,762 levels. The September’s lows were also at this juncture ($7,712.45 to be precise).
At the beginning of this week, amid a phenomenon of gap filling between BTCV2019 and BTCUSD (the underlying spot price), we could foresee some support zone at $7,451 - $7,704 zone. And so is the demand for the CME futures book may be generated by the some mild rally in the BTC spot market, occurring during CME’s closing hours.
While volumes of futures contracts are most likely to nullify and fill these gaps on the back of above event.
And hence, potential short covering rallies are foreseen and we also wish to unwind our above positions for profit booking about 6.58% for now.
