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Bakkt Launch and the IMF’s Enthusiastic Stance Failed to Boost BTC

Sep 23, 2019

This week started off with good news for the cryptocurrency market but so far we’re not seeing any rockets to the moon. The cryptocurrency platform Bakkt confirmed the start of bitcoin futures trading on the New York Stock Exchange’s own trading platform Intercontinental Exchange (ICE). In the meantime, the International Monetary Fund is examining the potential of wide application of cryptocurrencies. 

Both developments are good news for the market in general and BTC market in particular, but the buyers’ activity remains surprisingly low. According to the data from CoinMarketCap, 12 out of 14 coins with capitalization of over $1B have registered losses over the past 24 hours, citing the overall bearish mood in the marketplace. 

Taking a look at the BTC daily trading graph, we can see that the price has been holding just above the lower boundary of the triangle, $9,300, so it is a little too early for buyers to go into panic mode. The indicators are not pointing towards any specific trend but remain uncertain, with slight bearish undertones.  

The emergence of any noteworthy negative news story concerning BTC may crash the price, bringing it down to $9,200-$9,300, but only the breach of this mark, which is the lower boundary of the triangle, will signal the buyer’s capacity to restart the downward price movement towards $8,000. In order not to miss the opportunity to benefit from the short position, we recommend to set up a pending order at the breakout mark. 

It is also conceivable that the price graph will instead go in an arc, and having broken through the lower boundary of the triangle will gain enough momentum to attempt to soar up to $14,000. 

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