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Bakkt launch: Bitcoin price falls, but it should bounce back again



The Bitcoin price dipped below $9,900 in the hours after the Bakkt launch, but according to Simon Peters, an analyst for investment platform eToro, many in the community feel that the price could swing back up, as suggested by typical price movements in the Bitcoin market.
EUR/USD Intraday: under pressure.

Pivot: 1.1010

Most Likely Scenario: short positions below 1.1010 with targets at 1.0985 & 1.0965 in extension.

Alternative scenario: above 1.1010 look for further upside with 1.1025 & 1.1040 as targets.

Comment: the RSI is mixed to bearish.
Ethereum / Dollar intraday: rebound towards 175

Our pivot point stands at 165.00.

Most Likely Scenario: rebound towards 175.

Alternative scenario: the downside breakout of 165 would call for 161 and 159.

Comment: the RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the pair is trading under both its 20 and 50 MAs (respectively at 168.49 and 176.55).
XRP / Dollar intraday: rebound towards 0.2424

Our pivot point stands at 0.2341.

Most Likely Scenario: rebound towards 0.2424.

Alternative scenario: below 0.2341, expect 0.2312 and 0.2294.

Comment: the RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the pair stands below its 20 and 50 MAs (respectively at 0.2381 and 0.2463).
Bitcoin / Dollar intraday: rebound towards 8572

Our pivot point stands at 8220.

Most Likely Scenario: rebound towards 8572.

Alternative scenario: below 8220, expect 8107 and 8039.

Comment: the RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the pair is trading under both its 20 and 50 MAs (respectively at 8456 and 8841).
EUR/USD Intraday: under pressure.

Pivot: 1.0950

Most Likely Scenario: short positions below 1.0950 with targets at 1.0915 & 1.0900 in extension.

Alternative scenario: above 1.0950 look for further upside with 1.0965 & 1.0975 as targets.

Comment: the RSI shows downside momentum.
Ethereum / Dollar intraday: the upside prevails as long as 166 is support

Our pivot point is at 166.00.

Most Likely Scenario: the upside prevails as long as 166 is support.

Alternative scenario: below 166, expect 163 and 161.

Comment: the RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 169.04 and 168.70).
XRP / Dollar intraday: the upside prevails as long as 0.2454 is support

0.2454 is our pivot point.

Most Likely Scenario: the upside prevails as long as 0.2454 is support.

Alternative scenario: below 0.2454, expect 0.2423 and 0.2405.

Comment: the RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 0.2442 and 0.2434).
Bitcoin / Dollar intraday: the upside prevails as long as 8324 is support

8324 is our pivot point.

Most Likely Scenario: the upside prevails as long as 8324 is support.

Alternative scenario: below 8324, expect 8209 and 8141.

Comment: the RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 8387 and 8397).
Crypto
• In terms of price action on Bitcoin we saw last weekend (26-27 October) a price increase of 40%, from $7,400 to $10,300, which was the third-largest 24-hour price gain in bitcoin’s history. Many point to comments made by China’s president President Xi Jinping that the country should “seize the opportunity” of blockchain technology as the reason behind the rally.
• Bakkt to launch an app for consumers next year. Will let consumers use crypto to buy goods/services from merchants. "We’re now focused on the development of the consumer app and merchant portal, as well as testing with our first launch partner, Starbucks, which we expect in the first half of next year - 2020". News of the app is promising for adoption of crypto, jury is out if it this app from Bakkt will be a game changer. I guess we'll see when more details are released/become available.
• Swell 2019:
o Taking place in Singapore on 7th - 8th November. This conference is hosted by Ripple and will bring together some of the most prominent figures in the financial services and payments sector. Historically, we have seen XRP prices increase before the event, +115% in 2017 and +220% in 2018. We haven't seen anything of that significance yet, but we still have a few more days to go. However, the fact that more attention has been brought to this event this year with regards to a potential pump, probably means we won't see a pump... sod's law.... but we'll see.
o Either way it will be interesting to see what news comes out of the event - in particular any developments with the adoption of On Demand Liquidity (formerly XRapid) with payment providers/processors, as this is the product of Ripple's which utilises XRP.
Market overview - Crypto
1. XLM total supply reduced by half following a 55 billion lumen burn

2. Ripple Swell conference in Singapore (7-8 November) - looking to see any major announcements/outcomes from this, in particular around On Demand Liquidity and new payment corridors into Australia.

3. Eris X futures launch date - December 1st. Might have been another reason for the 40% rally on Bitcoin a fortnight ago.

4. Institutional investment in crypto on the rise - Bakkt gaining momentum: