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Assessments / Blog
BTC #F Below demand line
The 1- day chart above shows our SUPPLY and DEMAND Dashboard and BXB (Bar by Bar) Signals for Bitcoin Futures trading on the Chicago Mercantile Exchange(CME).
Readings are based on Supply and Demand and Volume internal data. It is updated in real time during the trading session of the CME exchange and does NOT take into account any price indicators or mathematical formulas using price. We do however show the cumulative price change for the trading session and in some instances assess price movement’s relationship to Supply and Demand.
It is therefore fair to say that the readings and signals are independent from other popular price indicators and others shown on the chart. The readings are an independent assessment of the one and only measureable fundamental market mover: SUPPLY and DEMAND. It does not matter if price is influenced by a geopolitical event, seasonality, fundamental economic data releases or sentiment driven news, etc. It all reflects in Supply and Demand, the “footprints” of the “Big Boys” or “Smart Money”.
At the time of this writing Bitcoin is trading at 7229 on Bitfinex and below the Demand line. In our previous assessment we warned “A break below the 7300 level can lead to significant weakness. Price needs to close above the Demand trend line to avoid further weakness.”
1-Day Signals June the 8th
All readings on the chart are based on the BTC continuous futures contract trading on the CME at market close on Friday.
More weakness has developed over the weekend.
A break below the 7050 level can lead to more weakness.
The information delivered here is for educational purposes only and is not intended to be a recommendation to purchase or sell any of the stocks, futures or other securities referenced. All references are for illustrative purposes only and are not considered endorsed or recommended for purchase or sale by MC Trading.
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