21 August 2019
CRYPTO-CURRENCY : Bitcoin (BTC/USD)
TYPE : Buy
TREND : Up
PROBABILITY PREDICTION : Medium
Looking at the weekly chart of Bitcoin, we can see that there has been a strong Rounding Bottom pattern (Blue line) forming since January 2018.
The current price has been testing a critical level at $11,557, which if it breaks above we will see an influx of buyers which will cause bitcoin’s price to rocket.
We’ll use the Top-Down formula to calculate the next target price for bitcoin.
Target = (Top – Bottom) + Top
= ($11,607 – $3,197) + $11,607
This means, we can expect bitcoin to rally another 72% to $20,017…
After a long delay by the US financial regulators, launching the citing compliance issues.
Bakkt, a subsidiary of New York Stock Exchange parent company – Intercontinental Exchange (ICE) was given the go ahead on 23 September. CEO Kelly Loeffler announced in an online post, that it has been “cleared to launch”.
Loeffler also said “Our contracts have already received the green light from the CFTC through the self-certification process and user acceptance testing has begun”
Here’s what to know about the Bakkt bitcoin futures:
~ They will not rely on unregulated spot markets.
~ The daily contract will be margined.
~ We are not sure about the leverage as of yet.
~ There will be a ‘forward pricing curve’ for investors up to 12 months.
This will be a game changer for a number of investors including:
~ Hedge funds
~ And other institutions
With the following information being launched to the world, we’ve seen bitcoin rise in a matter of minutes from $10,100 to $10,400. At the time of writing this, Bitcoin is sitting at $10,700.
Are you going to trade the Bakkt bitcoin futures?
Let us know in our MATI Trader Chat Room by clicking here…
Until next time,
Founder, MATI Trader
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