The long-awaited Bakkt Bitcoin Futures is finally in full operation. However, there has not been much impact on BTC price. Will Bitcoin surge?
September 23, 2019 | AtoZ Markets – Last week, Bitcoin started with a dip to $9,650 but ended the week with a surge back to $10,400. However, the rally could not lead to a massive breakout and BTC has now returned $9,800 – close to $9,600 (the closest low point). BTC price continues to knock around the bearish zone of $9,100-$9,500. Eventually, if a breakout happens downside, the cryptocurrency might hit $8,000 or even $7,000 within a short time. Meanwhile, a break to the upside can’t be written off as the sideways pattern since late June favours a bullish or bearish break at an almost equal degree. We will have to see what the direction of the breakout will be.
Bakkt Futures trading kickstarted: will BTC surge?
Bakkt has announced that its Bitcoin futures platform is now in operation on major exchanges. In fact, the first Bitcoin futures trading happened on Sunday at $10,115. This new platform is generally expected to have a positive impact on the Crypto market as more institutional investors could get attracted. However, this might take some time. The market investors will have to test how effective and reliable it would turn out to be. This is evident in the current price action. Bitcoin is still primarily driven by the overwhelming sentiment which remains bearish at the moment. Although, the long term direction looks positive.
Bitcoin analysis: important price levels
Resistance levels: $10,500, $11,000, $12,300, $13,100 and $13,900 remain the critical resistance levels before the $19,800 all-time high. Price is currently shy of these levels and pointing toward the support levels
Support Levels: 9,600, $9,300, $9,100 and $7,200. The support levels from $9,100 to $9,600 are pretty close. If the BTC price breaks below this support zone, the dip from $13,900 might continue to the $7,200-7,000 bearish target zone.
Bitcoin price prediction: Elliott wave analysis
In the last update, we looked at the general market picture from the 2017 bullish trend. Currently, a triangle pattern is probably completed already. The direction of the breakout is not certain though a bearish breakout looks more likely. The chart below was used for the first scenario in the last update.
Price has now returned to the bearish zone as the new chart below shows. If a breakout happens downside, BTC could drop further to $7,000 before the bearish phase from $13,900 ends.
However, the second scenario will be preferred if the breakout happens above $12,300.