CME Group stock edges lower after Bitcoin Cash futures trading availability

CME Group stock edges lower after Bitcoin Cash futures trading availability
CME Group stock edges lower today

CME Group announced the launch of round-the-clock Bitcoin Cash futures trading, offering both micro and larger contract options to suit various trading strategies. The stock edges lower on the day, trading at $292.47.

CME price prediction
24H 0.46%
$304.53
48H 0.66%
$305.13
7D -0.17%
$302.63
1M 12.42%
$340.78
3M 14.76%
$347.88
6M 26.36%
$383.05
12M 12.81%
$341.97
Current price: $303.14 6.66 2.25%
Closed 10/30
Daily range 301.66 Arrow from to Icon 306.70
Weekly range 291.67 Arrow from to Icon 309.19
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Highlights

  • CME Group enables 24-hour Bitcoin Cash futures trading with micro contracts of 25 and larger contracts of 250 Bitcoin Cash.
  • 32 of 65 analysts rate CME Group stock a buy and Morgan Stanley sets a $337 price target with an overweight rating.
  • CME Group stock edges lower on the day, trading at $292.47.

CME Group announced that Bitcoin Cash futures trading is now available around the clock. Traders can opt for micro contracts sized at 25 Bitcoin Cash or select larger contracts worth 250 Bitcoin Cash to tailor their market exposure. CME Group is launching regulated Uniswap and Bitcoin Cash futures on October 19, Cryptovot reported.

Bullish structure holds as price stalls below weekly resistance

Price is sitting right at resistance from the weekly high at $293.82 without breaking through. Shares of CME Group continue to hold above the MA-20, MA-50, and MA-200, keeping the daily chart structure bullish. However, the RSI at 71.2 has entered overbought territory, which limits room for further upside and contributes to the current muted reaction.

Upside probability dominates as traders eye a close above $293.82

To see whether the recent event is being priced in, traders should watch for a decisive move through resistance from the weekly high at $293.82. Price is currently testing this level but has not managed a clear breakout. Despite an emerging move lower over the past week that is not yet confirmed, the upside probability for the coming trading week stands at 79%, with downside probability at 21% and an expected trading range between $284.86 and $300.07. From here, a close above $293.82 would show buyers are willing to follow through, while a drop below $278.69 would indicate the move is being faded. On the weekly chart the longer-term picture stays constructive.

Earlier, analysts noted that CME Group's equity maintained a bullish structure supported by the launch of new E-mini Equity Index futures. The current introduction of round-the-clock Bitcoin Cash futures adds a new dimension to CME Group's derivatives offerings, and traders should monitor the $293.82 resistance level for signs of a sustained breakout.

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