Once, Twice, Three Times a Blockchain
If one were to take a look at a weekly candlestick chart of BTC futures the continuous contract, you may notice how you could draw a horizontal line to the left and discover that the candle representing the week of June the 12th (almost exactly one year ago to the day) was still struggling to get passed $8,500. The next trading week opened up $700 higher than Friday’s close. This created the third upward gap in what would be a dash total of five gaps. Actually this time last year we had just spent four months that took price from $3,500 up to $8,500 in four months’ time. When it came to Monday June, 17th 2019 last year we were not involved in a perfect v formation like we are getting this year not to mention at a higher price as well.
As of 6:00PM EST BTC futures on the CME are trading up just over 1% at $9,535 and although it actually went down in price compared to four months ago, it did have one hell of a rally, exhibiting gains of $5,000 in the three months since hitting the lows in March. Interesting note at the same time Bitcoin entered its current rally gold’s rally was cut short as gold futures have been extremely range bound since BTC futures entered rally mode.