- The ICE Bitcoin future deliverables take off today.
- The hedges made possible by futures will help stabilize the market.
- XRP loses almost everything it won while Ethereum holds up against Bitcoin.
Today is the day – the release of futures on Bitcoin by ICE – owner among others by the all-powerful NYSE. This initiative, channeled through the trading platform Bakkt, will allow trading futures on Bitcoin with delivery to maturity.
The fact that the future has a physical deliverable at maturity will help the future price to stay close to the spot price.
The futures on Bitcoin are a handy tool to make price hedges on the cryptographic asset – a very interesting for miners and corporations that make payments and collections with Bitcoin.
The market opens the week in the same way that it closed on Friday. On that day, significant resistance was reached in the Altcoin segment – which is translating into more or less substantial price falls depending on the asset.
The next few days will confirm or disprove the Altcoins season and also the possibilities of having a tremendous upward race towards the end of the year.
ETH/BTC Daily Chart
The ETH/BTC cross is currently trading at 0.02109 and marks the second day in the red after being unable to pass the SMA100 by 0.0215.
Prominent influences with a lot of audience in social networks are hailing the end the Altcoins rally – an opinion I do not share. The technical structure is still in the development phase and retains a strong upside potential – so I predict that the upside movement still has room for development.
Above the current price, the first resistance level is at 0.0214, then the second at 0.0229 and the third one at 0.0250.
Below the current price, the first support level is at 0.02205, then the second at 0.0194 and the third one at 0.0186.
The MACD on the daily chart keeps the bullish potential intact. The MACD on the daily chart keeps the bullish potential intact. Some slant is lost, but the lines retain the opening between it. Only a significant drop could damage this structure.
The DMI on the daily chart shows the bulls retaining leadership in ETH/BTC. The bears have improved a bit but are still far from levels that could threaten the bullish dominance in the pair.
BTC/USD Daily Chart
Above the current price, the first resistance level is at $10,400, then the second at $10,650 and the third one at $11,300.
Below the current price, the first support level is at $10,650, then the second at $9,150 and the third one at $8,800.
The MACD on the daily chart crosses downward but with a little opening between the lines or inclination. With this configuration, it is going to be very difficult to see price levels below $9,000.
The DMI on the daily chart shows how the bulls are placed above the ADX line while the bears move down and give up fighting for leadership.
ETH/USD Daily Chart
ETH/USD is currently trading at the $209.24 price level and is supported by the SMA200 after a first attempt to beat the SMA100. The situation between moving averages of the price may lead to increased volatility in the coming days.
Above the current price, the first resistance level is at $215.4, then the second at $225 and the third one at $235.
Below the current price, the first support level is at $207, then the second at $200 and the third one at $195.
The MACD on the daily chart retains its bullish potential although it loses some of its optimistic slopes. The opening between the lines is still positive in the short term.
The DMI on the daily chart shows how bulls retain leadership but lose the support of the ADX line. The bears improve their trend strength but are still far from threatening the bulls level.
XRP/USD Daily Chart
XRP/USD is currently trading at $0.273 and loses most of last week's gains. The weakness of XRP is evident – it is unable to sustain any increase over time.
Above the current price, the first resistance level is at $0.282, then the second at $0.288 and the third one at $0.2933.
Below the current price, the first support level is at $0.27, then the second at $0.267 and the third one at $0.257.
The MACD on the daily chart loses its bullish slope and moves into a bearish position. The positive side of the situation is that the moving averages move through the positive zone and may find support at the zero levels of the indicator.
The DMI on the daily chart shows the bulls dominating the XRP/USD pair but much less ahead of the bears than in the past few days. The bears are moving higher and threatening the buyers' advantage.
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