This chart is just to reflect on later/view to identify the current gaps on the Bitcoim CME chart.
But why is this important?
CME, as a multi-billion dollar derivatives company, has no incentive to push for Bitcoin options and other investment vehicles if there simply is no traction or demand from the market. As the company’s executive Tim McCourt said, CME’s Bitcoin futures market facilitated around $270 million per day:
“We’re pleased our CME Bitcoin futures have rapidly evolved over the last two years to become one of the most liquid, listed Bitcoin derivatives products in the world, averaging nearly 6,400 contracts (equivalent to 31,850 Bitcoin) traded each day in 2019.”
But why is this important?
CME, as a multi-billion dollar derivatives company, has no incentive to push for Bitcoin options and other investment vehicles if there simply is no traction or demand from the market. As the company’s executive Tim McCourt said, CME’s Bitcoin futures market facilitated around $270 million per day:
“We’re pleased our CME Bitcoin futures have rapidly evolved over the last two years to become one of the most liquid, listed Bitcoin derivatives products in the world, averaging nearly 6,400 contracts (equivalent to 31,850 Bitcoin) traded each day in 2019.”
You can press play on my BTC chart here descending scallop.
note that we bounced off the 0.618 nicely and the target for this setup is 9632 (according to the right one)
(I drew two because it was to early to identify the "throwback" on this pattern, but the second one looks to be correct to me)
As of now we have closed the gap
so its possible that this breakout fails here, if we can start trading above 9300 though it may go to hit target of the descending scallop pattern.