Australia Markets closed

Bitcoin Keeps Growing

Dmitriy Gurkovskiy

On D1 of the Bitcoin, the downtrend of the last few months is most obvious. These dynamics are still regarded as the correction of the previous uptrend. By now, the mid-term correction has managed to reach 38.2% Fibo, but as long as the MACD lines are heading down, we may expect a decline to 50.0% ($8,600.00) and 61.8% ($7,350.00) after a short-term pullback to the resistance area around $11375.00.

On H4 we may notice the dynamics of the inner correction, looking like a wide flat. We see that after a Gold Cross on the Stochastic the cryptocurrency is developing a new wave of sustained growth. This impulse is aimed at the target levels of 50.0% ($11,145.00) and 61.8% ($11,629.00) Fibo. The main support is at the local minimum of $9,098.90.

OMNI Platform

The OMNI platform by Ledger X is ready to open for users, both institutional and individual. The main thing attracting attention is the opportunity to trade regulated deliverable Bitcoin futures. They will be bought either for the USD or the BTC.

The start of trading was already announced, but later there appeared additional information that the CFTC had not taken a firm decision yet, and the details would come later.

Ledger X futures will not be available for marginal trading, but the cryptocurrency may be used as margin. This is useful because there is no need to wait for the deposits to be processed by the bank.

This is an important stage for the cryptocurrency market. Since in June it was announced that the CFTC had let launch the corresponding derivatives, there has been no more news. The market expectation was that the Bakkt exchange would be the first one to launch the BTC futures, but Ledger X turned out better prepared for this.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

Disclaimer

Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

This article was originally posted on FX Empire

More From FXEMPIRE: