Summary:
- Litecoin struggles around the upper limit of the overbalance structure
- CME Group intends to launch options on Bitcoin
There have been no major news across cryptocurrencies so far this week. This sluggishness has come despite the fact that there have been some encouraging reports of late, including that from China where the country plans to invest up to $2 billion in blockchain. Meanwhile, the Bitcoin price closed a bullish gap, falling to the lowest points since the end of October - $8500.
Litecoin is trading close to the upper limit of the overbalance structure as well as the short-term bearish trend line. Hence, if the price breaks below $59.9, then we could be offered a trend reversal. If bulls keep their dominance, then the area of $62.1-62.4 could be targeted. However, if bearsh take control on the market, then a pullback toward $56.5 could be expected. Source: xStation5
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Dash retreated from the area of $67.4 after failing to break above the 23.6% retracement. If bears take control, then a move toward $66.9 might be on the cards. However, if bulls take control, then an upward move toward $70 or even slightly above it might be expected. Source: xStation5
Crypto news:
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CME Group said that it would launch options on BTC futures from January 2020. One contract will have exposure to one futures contract consisting of 5 bitcoins. New instruments will be quoted in US dollars. The jury is still out whether it could be supportive of the crypto world. Take the Bakkt platform for example, which was to revolutionize the crypto world but ultimately fizzled out.
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