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Crypto Industry News:
The Intercontinental Exchange (ICE) digital asset platform, Bakkt, introduced the first regulated Bitcoin options and cash-settled futures in the United States.
According to the announcement published today, Bakkt now uses physically settled Bitcoin contracts as a reference for creating complementary products.
"Starting with the physically delivered monthly Bitcoin Bakkt futures contracts, we have a benchmark agreement that forms the basis for developing complementary products based on the needs of our clients."
Two new products are Bakkt Bitcoin (USD) monthly options and Bakkt Bitcoin (USD) futures. According to the post, the monthly Bakkt option product is the first regulated Bitcoin futures contract regulated by the American CFTC commission.
The cash-settled futures product is a new contract that will initially be available on the approved ICE Futures Singapore stock exchange in Singapore. The contract is based on the settlement price of the reference monthly Bitcoin Bakkt contract and provides an option for participants who are unable to trade our physically delivered contract, we read in the blog.
Technical Market Overview:
The BTC/USD pair is still under pressure from the bears as it has been trading in a narrow range located between the levels of $7,322 - $7,579 during the whole weekend. Yesterday the short-term trendline has been violated and now the market is testing the breakout from the upside. The three-wave upwards move on Bitcoin was a counter-trend correction that ended up at the level of $7,809 in form of a Shooting Star candlestick pattern. Since then the bears are trying to take back the control over the market and are pushing the prices towards the next target. The recent sudden spike up was capped at the level of $7,700 again and it was retraced in 100%. Currently, the market participants wait for a clear breakout in either direction and it more looks like the direction to the south.
Weekly Pivot Points:
WR3 - $8,491
WR2 - $8,082
WR1 - $7,829
Weekly Pivot - $7,397
WS1 - $7,107
WS2 - $6,723
WS3 - $6,444
Trading recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still down. All the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.
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