Summary:
- Bakkt has introduced cash-settled Bitcoin options
- LTC/BTC hovers around the upper end of the bearish channel
It’s been the second week in a row when we haven’t seen notable price changes across cryptocurrencies. Bitcoin has been moving between $7500 and $7030 which has contributed to relative calmness elsewhere in the crypto market. Perhaps investors focused on other major events like meetings of the ECB and the Federal Reserve, a trade war thread as well as the UK election. Bear in mind that we’re approaching the Christmas break when the crypto market tends to move up and down heavily.
TRX/ETH has been trading within the relatively narrow range since the start of December. Currently the price is trading around the 61.8% Fibo retracement. If bulls take control on the market, then a test of the upper limit of the channel could be possible. If so, it would herald a change of the medium-term trend. If the price keeps rising afterwards, then another obstacle would be 0.99 ETH and then 1.055-1.0715 ETH. Source: xStation5
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The crypto pair LTC/BTC has been moving within the channel since the beginning of November. As one may notice, the price is currently moving around the key technical level which seems to be worth looking at. On the other hand, once the price breaks above the upper bound of the channel one may count on a move to the upside. Under these circumstances bulls may target subsequent resistance levels marked by the green rectangles. Source: xStation5
Crypto news:
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Bakkt introduced two new products at the beginning of this week - cash-settled Bitcoin options and futures. These instruments will be regulated by the CFTC. When Bakkt rolled out a different kind of Bitcoin futures we saw a deep decline in crypto prices, thus this news seems to be worth paying attention to.
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Binance announced it would launch a new trading platform Latamex for Latin America. This platform will allow users (first in Brazil and Argentina) to purchase coins like Bitcoin, Binance Coin or Ether.
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