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Bakkt

Bakkt might launch physically-delivered Bitcoin futuresAccording 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
BITFINEX:BTCUSD
by CryptalDash
2
Bitcoin and the descending wedgeGood morning, traders. Bitcoin is doing what Bitcoin does lately -- continuing to consolidate. We are getting a good rally from last night's reactionary low near $6400. This morning we can see buying pressure pushing price back up toward $6500. Bitfinex has been carrying a bit of a premium and continues to do so this morning as it is sitting about $50 higher than the other exchanges. This presents arbitrage opportunities for traders with access to the exchange as they are able to buy Bitcoin at a cheaper rate on another exchange and sell it for the premium on Bitfinex. Traders doing so must be careful, however, since transfer times may take their tole as the premium disappears before they are able to sell their Bitcoin on Bitfinex. Currently, we can see price printing a flag suggesting a target of $6500/$6515 upon successful breach of the flag's resistance. This upward progression should bring price to the longer-term descending resistance noted, which began on September 28. Price movement for the past week has printed the large descending wedge seen in the chart and suggests that price may ultimately be more likely to head up and out, than down. The 1H MACD is attempting to complete a bullish cross and RSI has moved out of oversold after last night's sell pressure. We can also see that volume has continued to drop as price dropped, signalling a weakening of the momentum. As noted during our live streams, there are various price gaps on the 15 minute chart up to $6900 that remain unfilled. Therefore, the bias should remain bullish toward $7000. At that point, traders need to carefully watch what unfolds. DXY continues to print a large ascending broadening wedge on the 1D suggesting that we can expect downward progression sooner rather than later. The daily pivot sits at $94.89, and a drop through it would be bearish for the index. The R1 pivot sits at $95.97, and a close above it would be bullish for the index. While the dollar has received some support from the rising interest rate, there are indicators in the economy suggesting a recession is on the horizon. These include the stock market's appearance of distribution and bearish divergences over longer periods of time. As that materializes, generally we can expect the currency to fare worse because there is less attraction to invest in the country. But what does that mean for Bitcoin? It depends on how it continues to react to what is going on in the economy. An interesting short read on this was presented in Bloomberg a couple of months ago (www.bloomberg.com). Generally, the narrative continues to be Bitcoin as digital gold, but traders cannot ignore the reality that it is a very risky asset and money looks for safe havens in times of uncertainty, not increased risk. However, Bitcoin has many things going for it including the fact that it appears to have been in accumulation throughout 2018, OTC continues to grow exponentially, and Bakkt will be coming online next month, as well as the likelihood of a BTC ETF approval before the end of 2019.
BITFINEX:BTCUSD
by Chris_Inks
Bitcoin Macro AnalysisHere's another Bitcoin Macro Analysis: 1. D1 BB is max squeezed since the start of 2018 - high volatility major move soon (up or down) 2. volume is consolidating/declining - end of correction soon (move up or down) 3. some alts are starting to pump: XRP, BCH, LTC (both bullish or bearish) 4. shorts have declined from the record highs 40000 but are rising again towards 31000 and still above longs at 27000 (both bearish or bullish) 5. BAKKT launch in november soon (bullish) 6. ETF decision kind of postponed (bearish) 7. DOW S&P FAANG at record highs - possible stock market crash soon (bearish) 8. DXY starting to rise (bearish) 9. NVT Ratio at record highs charts.woobull.com (bearish. bullish only in massive adoption) 10. Fear and Greed Index rising (bearish or sideways) 11. We are making new higher lows since July (bullish) Common sense: 1. BTC will not drop while shorts >> longs. It will likely drop when shorts < longs or around the same level. - If everyone's shorting who's making the money? Whales/Exchanges simply won't give away their money to bears for free. - It will most definetely drop only when shorts are at record lows with longs high enough - they don't have enough liquidity to instantly drive the price up, people aren't bying, there's no follow through. - they make money by slightly squeezing bears in sideways ranges until enough shorts are liquidated, longs are on a rise and it's finally time to drop 2. Stock market crash/dip will also mean BTC drop and Gold rise which can happen prior to or around the same day just like in Feb 2018. - The opposite is not true. BTC collapse will not result in a stock market crash, but rather in a small dent - BTC in general does not correlate with DJI and S&P, only with major trend defining moves. - Some say the new Great Depression and Financial Crisis 2008 is coming 3. DXY sometimes reverse correlates with BTC on large TFs - Fed rising interest rates => DXY rises => BTC drops 4. Pumping alts may signify a BTC rally soon (bullish) or an alt season (bearish) - It's easier to pump a cheap alt and shift market sentiment to bullish - Alts have their own cycles and a cycle in relation to BTC. - In a normal market When BTC moves up a bit some alts follow, some decline - when BTC moons/crashes alts moon/crash 5-10x more. In anticipation of a BTC rally alts can pump 5-10x more than the subsequent BTC move - if an alt has already pumped prior to BTC move it won't likely pump again after - alt season happens during BTC consolidation after a major move. During this time alts have their own cycles and are less dependent on BTC pump cycle: ALTUSD -> ALTBTC -> BTCUSD -> ALTBTC -> ALTUSD alts are sold for BTC, which is used to buy other ALTBTC pairs which are pumped in their turn, then BTC is pumped up and sold to complete the cycle 5. BAKKT is legally required to have BTC and should be accumulating now. They might have their own ETF/Futures, they don't need SEC's approval They will rather buy it before launch and dump it after when the price rises. 6. High NVT Ratio means either massive adoption (which is definetely not) or a bubble and a crash soon. 7. Fear and Greed Index is a cumulative sentiment across all major platforms: buy when index is low, sell when index is high. It's rising now, not good time to buy. 8. Making it seem an overly Bearish Concept - when market comes to a point when there's not enough liquidity and sellers willing to sell whales use fake sell walls to continue to accumulate and squeeze last bits. - when accumulating the Market Makers usually don't sell their BTC to make the price go down further, but rather open large fake walls of shorts to scare people into selling into their longs - that's why there's no big short squeeze, because there's nothing to squeeze - whales will remove the walls once the price approaches - you can spot it when price first drops into a trading range with shorts rising and then pops back up out of it with the same amount of shorts closing (the avg shorts remain the same before and after the range) ____________________________________________________ There are 2 counts: 1) WXYXZ (red) triangle in Z and the end of correction - both bullish and bearish - Bullish - we may go up and retest 11000 pivot (thin Ichimoku cloud will soon allow that) in 12345 up trend - Bearish - WXYXZ can transform into a larger WXY and become only its first W wave, with whatever wave X up follows being just an upwards correction 2) WXY (blue) - bearish Down Trend continuation in wave Y Key levels (may trigger a major move): - Supply Line (purple) - Down Channel/Triangle Top (green) - ADCDE triangle top side (yellow) - Pitchfork top band (green) Key targets: - Pivot Retest (11750) (max possible price till year end) - Pitchfork Mean Line (4200) - 5150 and 5500 Demand Zone bottoms - 23.6% Fib level Algo Target + Y of WXY Projection Confluence - 7500 Demand Zone tops - 7400 D1 SMA/EMA 200 Good Luck! Please, don't trade based only on my analysis, confirm/disprove using other sources.
COINBASE:BTCUSD
by RagingRocketBull
2