Wednesday, April 8, 2020

Bakkt’s launch ascend Bearish pattern predictions : Patrons ready to short sell

The Takeaway:

Bakkt evolved as a flop show. The launch of the platform itself killed the buzz revolving around its expected success. It failed to impact Bitcoin, leading to a deluge of crypto-traders expressing their disappointment on social media. The launch gave no hike to BTC prices; furthermore, analysts and crypto patrons predict an upcoming bearish trend.

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Bakkt’s launch indeed failed to live up to the expectations. Although the futures contract platform opened its gateway wide, yet, not many chose to enter the world of futures. Bakkt traded only 71 contracts in the first 24 hours.

 

Bakkt fails to make history

The history of futures is one lousy picture, and looking at Bakkt seems like the past is being painted more black. The previous launch of bitcoin futures by CME and CBOE didn’t bring much good for the traders, but their arrival did establish benchmarks which Bakkt failed to reach by a humongous difference.

Alex Kruger, a cryptocurrency follower, shed light on the contrast between the history and present of futures trading. 

Crypto enthusiasts and cynics have entered the same circle of disappointment, followed by the platform’s live-action. 

 

A bearish crossover on the move

FxWirePro, on TradingView, used 7 and 21 Daily Moving Averages and interpreted a bearish crossover ready to follow the implementation of Bakkt. The crypto analyst also highlighted the occurrence of a spinning top at $10,581.84 and a hanging man at $10,271.01. The user predicts the end of short-term rallies and a sustainable downside trend. 



Bitcoin Dips Over 3% To Slide Below $10k Mark on Bakkt’s Launch by FxWirePro on TradingView.com

 

Bakkt can push bitcoin price down the slide

Another analyst on TradingView, TradersProfitclub, defined the act of longing BTC as a highly risky move as Bakkt’s launch is competent in pushing a bearish pattern. According to his analysis, the bitcoin value will continue to swing between 8-10K. Although there is immense bullish support, the currency has failed to commence a rise in its price. 



Bitcoin BTC BAKKT Futures Resulting In Massive Shorts…Again by TradersProfitClub on TradingView.com

 

Probability of price dipping to 8K

Allmypips highlighted the 80% chance of prices sliding down to 8-7K. As per the analyst, to attain a bullish path, the coin will have to cross the resistance level of minimum 12K to maximum 15K.



Ready for Triangle Break? 7400$ OR 13200$ by Allmypips on TradingView.com

 

Is Bitcoin price hitting the red zone? 

Funtrader-Vera brought into light the currency signal, which points at a descending walk of the bitcoin price. The analyst states the possible arrival of a bearish pattern as the coin is approaching to hit the red support zone. 



2409 BTCUSD running DOWN to our TP4: 9100 by FUNTRADER-Vera on TradingView.com

 

Less high, more low

A user depicted the Gartley pattern that highlights significant dips, but no exclusive ascend in bitcoin prices. As per the prediction, bitcoin might fail to cross the 10K resistance any time soon. 



This BTC pattern looks interesting. by zk8619 on TradingView.com

 

Coinmarketexpert predicts slipping BTC value

Adding to the bearish prediction is the Coinmarketexpert that believes in the continuation of bitcoin’s price on a slippery slope. They see a short-term recovery to $9,800 by the end of the day but cite the increasingly bearish sentiment to suggest any bounce will be transient. Failing to find support at the $9,400 level, BTC can see a slip to $9000. 99-day SMA also reflects this level. 

 

Indicators indicate towards selling bitcoin

Daily technical indicators, including Moving Averages, Oscillators, and Pivots on average, suggest selling BTC. Moving Average trends indicate a strong sell action. 

 

Market sentiment is inclining towards fear forecasting bearish dominance.

Latest Crypto Fear & Greed Index

Disappointment in Bakkt storms Twitter

Twitteratis are extremely disappointed with Bakkt’s launch, and they didn’t hesitate to voice their opinions. 

A Twitter user highlighted the discouraging similarities of Bakkt season to alt season.

 

CryptoPennyCO on Twitter wants to verify the accurateness behind Bakkt’s CEO statement- “Our clients demanded Bitcoin futures.”

 

It’s wise to err on the side of caution as the trading volume on the second day has been stationary at 4.

https://www.bakkt.com/index

Some honorable mentions from Twitter after Bakkt’s first day:

Bleak trading volumes can be visualized through these tweets

Bakkt failed to make an impactful launch and was catastrophic to traders who longed on BTC.

Manipulations back Bakkt?

Redditors were displeased with ICE owned Bakkt’s involvement with bitcoin as they believed it raised the risk for manipulations. Bakkt/ICE/NYSE wouldn’t necessarily promote the technology as they only care about their margin profits. Reddit users also highlighted that the use of naked short manipulations would increase with institutional involvement.

Some explain this to me please about bakkt from r/Bitcoin

Bitcoin Falls Under $10k Before Bakkt’s Launch Tomorrow – What’s Next? from r/Bitcoin

Do you think the slow and steady Bakkt will win the race?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Thomas Allums
Thomas Allums
Although Thomas is an experienced writer, he is also a passionate musician who loves to travel often. He is based in New York and loves to spread the word about decentralization throughout his neighborhood.

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