Goldman Sachs says will start trading bitcoin futures
The price of the Bitcoin is surging higher.
There are reports that Goldman Sachs will start trading bitcoin futures in the next couple of weeks. At first, they will be using their own money (does that mean, they will just be a dealer against the client?) and not direct customers onto the futures exchange.
The price of bitcoin seems to be applauding the move. The price is up about $500 on the day and the technical picture is looking more bullish again.
Looking at the hourly chart above, the price has moved back above the converged 100 and 200 hour MAs (blue and green lines at $9177 and $9154 respectively) and raced higher. The price is moving closer to the swing high form April 25th at $9763.49. The high on Coinbase has reached $9720 so far.
Looking at the daily chart below, the price is moving closer to the 200 day MA at $10,030 today. A trend line also cuts across at $9950 -which is right near the April high. So moves above those levels would open up the bullish bias for the pair, and that should give the digital currency another goose higher. The 38.2% comes in at $11,228. That would be a key target on a break higher.
