Market review, April 16, 2019

2019-04-16 12:01:51

The operator of cryptocurrency derivatives LedgerX plans to become the first American company offering bitcoin futures contracts on terms of real calculations in the blockchain.

The company announced that it has applied for a Designated Contract Market (DCM) license at CFTC, which will allow LedgerX to offer its clients bitcoin futures contracts. Unlike the more familiar bitcoin settlement futures offered by CME Group, clients will receive the real bitcoin underlying contract after its expiration, and not the equivalent in US dollars.

Thus, LedgerX will be able to attract new retail investors with its offer, Juthica Chou, the chief director of risk management and operational issues at LedgerX, said.

“We will be able to serve clients of any class, we will not be limited to institutional clients,” Chou said.

After approval, LedgerX will offer Bitcoin options and futures to retail customers through the new Omni platform created on the basis of the existing LedgerX infrastructure. Omni will act as a storage and trade service provider. The new platform will also use the existing LedgerX institutional liquidity pool to “offer retail customers first-class experience right from the start,” Chou said. According to her, launching a retail platform with futures offers has always been a part of the company's plans.

Now, let's move to the technical analysis of Bitcoin (BTC):

Over the past day, bitcoin rose to the resistance level of $5,130 and began to fall. The subsequent sharp drop to the support level of $4,940 can be explained by the fact that a major player removes stop orders for the subsequent continuation of growth. Now, the price of bitcoin is at the level of $5,040. The nearest resistance levels are $5,050, $5,130, $5,300. The nearest support levels are $4,4950, $4,940.

Technical analysis of Ethereum (ETH):

Over the past day, ethereum also removed the stop orders, dropping to the support level of $155. This tactic is not new, when a major player wants to pull the asset up. Now, the price of the ripple is at around $162. We expect the continuation of the uptrend. The nearest resistance levels are $165, $168. The nearest support levels are $158, $155.

Technical analysis of Ripple (XRP):

Over the past day, ripple also fell in price, broke through the support levels of $0.3170, $0.3140, and reached $0.31. The nearest resistance levels are $0.3250, $0.3350. The nearest support levels are $0.3170, $0.3140.

Disclaimer. This review is only for information purposes and cannot be considered as a proposal or an indication to perform certain transactions in the financial and commodity markets. The estimates and recommendations in the review are the personal opinion of the company's analysts. The company's view on the prospects for individual financial instruments is valid as of the date of the report. The Company does not assume any liability and liabilities for compensation for damage that may result from the use of this report.
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