The past 24 hours i have been struggling a bit to see what the bigger game plan is. After making that last update it finally struck me, big chance another is in the making here. We have similar wicks at the lows. Shows accumulation back than and could be the same now as well. The only thing that makes me doubt, is at the 3500/3600 it was buying power that pushed the price up several times when it got in the green. At the 3200/50 it was a short squeeze both times.
At the moment the 3350/60 is a clear short term , if that breaks with a few minutes, and we see a squeeze happen to at least 3420/50, it could be the is in play. There is still room for a move towards the 3200, but just as the previous one at 3500, it should NOT stay there too long.
I think there is a good chance we might get at least an answer within a few minutes. If the 3300 breaks, we could drop towards the 3200 again.
This analysis is a short term view, based on this possible , but i thought it’s best to put it in a new chart, since the previous one has become quite big now.
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The famous cryptocurrency exchange platform, Gemini, agreed to sell its bitcoin market data to the Chicago Board Options Exchange, Incorporated (CBOE).
The cryptocurrency exchange, , was founded in 2016 by the famous Winklevoss twins. In October of that same year, the exchange officially received permission from the New York State Department of Financial Services to operate in 31 states. Gemini’s major focus had originally centered around bitcoin trading, however, with the popularity and value of Ethereum rising exponentially, the exchange added Ethereum trading in May of 2016. Currently, the exchange has a daily transaction volume of $52 million.
An Agreement with the CBOE
According to an official , Gemini and the Chicago Board Options Exchange (CBOE) entered into an agreement to exclusively use Gemini’s bitcoin market data. The details of the agreement state that CBOE will have an exclusive global multi-year license to use the exchange’s market data.
The cryptocurrency exchange’s market data will help the CBOE to create bitcoin derivatives products for listing and trading. Currently, the CBOE is awaiting regulatory approval from the , in order to launch its cash-settled bitcoin futures. The report suggests that cash-settled bitcoin futures will be available for trading on the CBOE Futures Exchange in the fourth quarter of 2017 or early 2018.
Ed Tilly, Chairman and Chief Executive Officer of CBOE Holdings, said:
Gemini has demonstrated time and again its foresight and expertise in this area of finance. The team’s focus and determination to grow the bitcoin market and secure appropriate regulatory oversight as a New Yorktrust company makes them ideal for this venture. We are incredibly proud of this agreement and look forward to all that we can achieve together.
Gemini’s Chief Executive Officer of Gemini Tyler Winklevoss also added:
Gemini’s key concerns in the cryptocurrency ecosystem have always been security, compliance, and regulatory oversight. By working with the team at CBOE, we are helping to make bitcoin and other cryptocurrencies increasingly accessible to both retail and institutional investors.
bitcoin users believe that bitcoin based futures will enable Wall Street traders and investors to get into the bitcoin ‘game’ without affecting their ordinary portfolios.
What are your thoughts on the agreement between CBOE and Gemini? Do you think that bitcoin futures will succeed? Let us know in the comments below!
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