Bakkt might launch physically-delivered Bitcoin futures
Updated
According to anonymous source, next week Bakkt could get approval to launch its physically-delivered Bitcoin futures product from U.S. Bakkt is an Intercontinental Exchange platform, seeking to create a “regulated ecosystem” for institutional investors. If regulators will approve the project, Bakkt will start launching Bitcoin (USD) daily futures contract for clients.
However, going back to December 2017, non-physical Bitcoin futures were launched from CBOE and CME Group. We all know the result; high volatility combined with a very poor performance.
Currently it is only can be speculated on the Bitcoin price action that might take place next week. But even though it's only a prediction, the Bitcoin short term future looks bright from the technical point of view. Today BTC/USD has spiked down, hitting the daily low at $6462. There are few important points that are worth paying attention to:
Price rejected the 88.6% Fibonacci retracement level
Even upon the heavy trade volume BTC failed to close below the descending channel
RSI oscillator broke above the downtrend trend line
After hitting today’s low, BTC/USD already recovered by 1.55% and currently trading near $6570. Throughout this week, BTC traded around the $6570 area. But today after establishing the low, this became a strong Fibonacci resistance level. At this point trend doesn’t look to be bearish, as the support was rejected. But at the same time it remains below the resistance, which does not suggest a bullish scenario. If BTC to go higher, the $6570 resistance must be broken. The next upside resistance is located at $6630 area, which is also confirmed by two Fibonacci retracement levels. The final resistance is at 61.8% Fibs that is at $6730, and it seems that only upon the break above that price, BTC/USD could start establishing a medium-term uptrend.
As of yet, it is a downtrend and BTC certainly remains under selling pressure.But, watching the nearest resistance level should help to understand the short-term bitcoin direction.
Support:
$6464
Resistance:
$6570
$6630
6730
However, going back to December 2017, non-physical Bitcoin futures were launched from CBOE and CME Group. We all know the result; high volatility combined with a very poor performance.
Currently it is only can be speculated on the Bitcoin price action that might take place next week. But even though it's only a prediction, the Bitcoin short term future looks bright from the technical point of view. Today BTC/USD has spiked down, hitting the daily low at $6462. There are few important points that are worth paying attention to:
Price rejected the 88.6% Fibonacci retracement level
Even upon the heavy trade volume BTC failed to close below the descending channel
RSI oscillator broke above the downtrend trend line
After hitting today’s low, BTC/USD already recovered by 1.55% and currently trading near $6570. Throughout this week, BTC traded around the $6570 area. But today after establishing the low, this became a strong Fibonacci resistance level. At this point trend doesn’t look to be bearish, as the support was rejected. But at the same time it remains below the resistance, which does not suggest a bullish scenario. If BTC to go higher, the $6570 resistance must be broken. The next upside resistance is located at $6630 area, which is also confirmed by two Fibonacci retracement levels. The final resistance is at 61.8% Fibs that is at $6730, and it seems that only upon the break above that price, BTC/USD could start establishing a medium-term uptrend.
As of yet, it is a downtrend and BTC certainly remains under selling pressure.But, watching the nearest resistance level should help to understand the short-term bitcoin direction.
Support:
$6464
Resistance:
$6570
$6630
6730
Note
Resistance broken, upside potential is thereNote
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