Bitcoin price analysis: First BTC future launch brings down CBOE's website

BTC/USD rises $1200 after the new BTC futures were launched
CBOE’s website down overcharged by an avalanche of users interested in the new product

Tomas Salles FXStreet

CBOE launched this Sunday the first Bitcoin future, which attracted so much interest that the Chicago options exchange website fell down. Fresh bullish positions were taken in the first few minutes, which took BTC/USD price around 10% up. This futures launch opens the door to new products, such as ETFs or other new instruments.

The European morning sees BTC/USD trading around $16600. There are no meaningful changes in the technical structures. Bitcoin is trading around a wide, close-to-$5000 range since it reached its all-time high of $18000. Another bullish ride over those highs is in the realm of very possible situations for the main Cryptocurrency.

BTC/USD 1H Chart

As for its indicators, the 1H chart shows:

MACD accompanying the movement and with room for more upside
Directional Movement Index is also favorable to superior price zones in the short-term

BTC/USD 1D Chart

The daily chart barely changes the aforementioned picture, with the bullish bias still intact. That said, and considering the price action amplitude, a retracement to $14750 would not be surprising by any means, nor it would confirm a change of the current technical scenario. If BTC/USD dips to that level, that would be a good price to buy Bitcoins in the short-term.

The daily chart indicators show the following developments:

MACD still on its way to sky-high levels. Price structure not showing any divergence, still keeping its bullish potential
Directional Movement Index shows sellers decreasing and buyers retracing a bit, but still at very high levels

Conclusion

The launch of Bitcoin futures by the CBOE has been relatively quiet despite the technical issues in the exchange website. CBOE has admitted that they expect activity in the new market to pick up slowly but steadily.

On the upside, resistances are located at $17500 first and $18000 as the last level on the way to another free-flying bullish ride.

On the downside, first support level is at $15091, followed by $13459 and, at last, the bigger support level is located $11442.

Author

Tomas Salles

FXStreet

Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland.

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