Market review, January 27, 2020

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2020-01-27 15:01:25

Nasdaq is exploring the possibility of launching bitcoin futures in partnership with an unnamed firm. The exchange wants to launch a product that will differ from the offers of competitors.

In November 2017, The Wall Street Journal reported that Nasdaq was working on the creation of such a product with Cantor Fitzgerald and planned to launch it in the first half of 2018. Since then, several Bitcoin derivatives have appeared in the market, including futures launched on Bakkt in September 2019.

As for Nasdaq, Adena Friedman, a chief executive officer, said two considerations could impact the roll-out of its bitcoin futures product.

First, the company wants to ensure it can bring to market a product that is differentiated from the competition. Second, it wants to ensure it has the proper risk-management foundation in place for a future tied to the cryptocurrency.

Regarding the cryptocurrency market as a whole, as Friedman noted, Nasdaq believes that “cryptocurrencies will play an important role in the global economy.”

Technical analysis of Bitcoin (BTC):

Over the past weekend, the price of bitcoin rose to the resistance level of $8,720. Now, it is $8,721. In the future, we expect the continuation of the positive movement. The nearest resistance levels are $8,720, $8,900, $9,000, $9,200. The nearest support levels are $8,500, $8,380, $8,250, $8,140, $8,000, $7,900, $7,800, $7,640, $7,500.

Technical analysis of Ethereum (ETH):

Over the past weekend, the price of ethereum rose to the resistance level of $170. Now, it is $169. In the future, we predict the continuation of the uptrend. The nearest resistance levels are $170, $171, $173, $175, $180. The nearest support levels are $167, $165, $163, $160, $158, $155, $152, $150, $147.

Technical analysis of Ripple (XRP):

Over the past weekend, the price of ripple rose to the resistance level of $0.2320. Then it fell to the support level of $0.2260. Now, the price of ripple is $0.2310. In the future, we predict the upward movement. The nearest resistance levels are $0.2320, $0.2380, $0.24, $0.2450, $0.25, $0.2550. The nearest support levels are $0.23, $0.2260, $0.22, $0.2170, $0.21, $0.2090.



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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