Crypto

We all know about the Netherlands and the “tulip mania” that consumed the Dutch people starting in the early 1700’s when merchants from the Ottoman Empire introduced the tulip to the Dutch from the in the mid-1500's, the flower became popular because it tolerated the region’s harsh climate conditions. The Netherlands became a prime location for growers and sellers of the seeds and bulbs.

BTC futures are trading lower today for the fifth sessions in a row today fractionally lower. As of 4:00 PM EDT Bitcoin futures are trading at $9,120, down approximately .20% on the day. But it seems that BTC may be making a return to rally mode again and the 50-day moving average currently at $9,123 looks just like the place to recover from.

This week in BTC we in essence closed were we started, at the 78% retracement at $9,249. Combined with last week’s doji candle we have seen the least amount of volatility in the market for quite some time. We have also seen a decrease in volume in BTC over the last three weeks.

Bitcoin futures in the CME are trading fractionally lower on the day, currently down $35 or .37% at $9,340 as of 5:00 PM EST. Of realm interest today was the low that briefly breached support at $9,250 and almost touched upon the 50-day moving average, something that has not occurred since April when pricing rose above this average.