The Hourly View for CME
At the time of this writing, CME (Get Ratings)’s price is down $0 (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
CME’s Technical Outlook on the Daily Chart
Currently, CME’s price is up $1.86 (0.91%) from the day prior. This is a reversal of the price action on the previous day, in which price moved down. As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe. The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. Cme Group Inc’s price action over the past 90 days can be seen via the chart below.
For CME News Traders
News traders keeping an eye on CME may find value in this recent story:
Bitcoin’s (BTC) recent gains may be short-lived and “the whole rally in crypto is getting very long in the tooth,” according to Boris Schlossberg, a leading foreign exchange expert. What Happened: “I think we’re very, very close to perhaps an intermediate-term top here. A little bit of a correction is certainly due at this point,” Boris Schlossberg, managing director of FX strategy at BK Asset Management, said Tuesday on CNBC’s “Trading Nation.” BTC traded 0.54% lower at $59,354.38 over the past 24 hours at press time, but was up 11.2% over the past week, indicating a recovery. It has an all-time high of $61,683, hit last month. See also: How to Buy Bitcoin (BTC) Bitcoin’s Recent Gains: The cryptocurrency’s recent gains came after PayPal Holdings Inc. (NASDAQ: PYPL) said it will allow its U.S. customers to use their cryptocurrency holdings to pay at millions of online merchants around the globe. PayPal’s move came a day after payments giant Visa Inc (NYSE: V) said it would allow payments to be settled directly via cryptocurrency on the Ethereum blockchain. Schlossberg noted that Bitcoin’s high degree of volatility will likely mean transactions on platforms such as PayPal’s will be “infinitesimally small” compared to regular currency. However, he feels Bitcoin is a better store of value than gold. See Also: Why Is Ethereum Surging, Outperforming Bitcoin Today? CME Group’s Plan: Further, Schlossberg said that derivative exchange CME Group Inc.’s (NASDAQ: CME) plan to launch Micro Bitcoin futures contracts on its platform in early May could rattle bitcoin’s price even if investors like it or not. The Micro Bitcoin futures will be one-tenth the size of one Bitcoin. Schlossberg noted that Bitcoin topped out the last time CME launched bitcoin futures in late 2017. Matt Maley, chief marketing strategist at Miller Tabak, said in the same “Trading Nation” interview that if Bitcoin moves to the downside below $52,000, its going to be a “big warning flag” and give the cryptocurrency its first lower low of the year. Maley added it Bitcoin breaks above its recent highs of $61,000, it “should see another leg higher.” However, he agreed with Schlossberg that bitcoin is going to see a lot more big declines along its way in a very volatile session. Read Next: 5 Best-Performing Cryptocurrencies Of Q1 (No — Bitcoin, Dogecoin Don’t Make The Cut) See more from BenzingaClick here for options trades from BenzingaTesla Will Be Employing A Lot More People At Giga Texas Than It Thought It WouldCramer Says Forget Tech And Look To These Sectors In Q2© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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