According to a new report by investment firm Wilshire Phoenix, BTC cash-settled products on the Chicago Mercantile Exchange “contribute more to price discovery than their spot markets.”

The increasing amounts of cryptocurrency derivatives confirm the greater participation of institutional investors, and this is likely to be positive for the entire cryptocurrency space.

This is true not just for cryptocurrencies, even for most other asset classes, the derivative markets are leading the spot markets.

In a separate attempt to determine the value of Bitcoin, several experts at JPMorgan Chase felt that Bitcoin was overpriced for its intrinsic value, and analysts suggested that BTC could face short-term sales.

Bitcoin analysts consider bitcoin a commodity and have calculated marginal production costs to estimate its intrinsic value.

While long-term fundamentals operate, short-term price action is often dictated by emotion and technical conditions. Let’s analyze the charts of 10 digital currencies to determine the path of least resistance.

Bitcoin / USD

Bitcoin (BTC) rebounded from support of $ 11,178 on October 15th, but the bulls were unable to keep the price above $ 11,500. This weakness may in the short term attract traders to take profits and cause the violent bearish decline.

The bears are currently trying to bring the price down below the critical support level to $ 11,178. However, this level is likely to attract buyers because the 20-day exponential moving average ($ 11,081) is just below this support.

The high of the 20-day moving average and the RSI in positive territory indicate that buyers have gained the upper hand.

If the bulls manage to push the price above the downtrend, this would be the first sign of strength. The upside may speed up after the bulls are able to hold the BTC / USD pair in an uptrend.

Contrary to this assumption, if the bears lower the pair through the 20 day moving average, it may fall into the direction of the channel. Channel breakdown could lead to resale, which can be as low as $ 10,000.


Bears are currently trying to keep the ETH below the moving average. If they succeed, they can abandon the upside. If this support also breaks, it signals a larger alternative currency range for a few more days.

Flat moving averages and RSI near 50 also indicate a balance between supply and demand.

However, if the ETH / USD pair breaks through current levels or an uptrend line, the bulls will once again attempt to push the price above the upper resistance to $ 395. If they manage to do so, $ 481,608 would complete the ascending triangle pattern. …

XRP / US Dollar

On October 15th, XRP broke below the moving average and is on its way to obtain critical support at $ 0.2295. Although the alt currency formed a bullish head and shoulders pattern, the bulls failed to push the $ 0.26 neck price and the setup was never complete.

The current Altcoin price action is a good example of why traders wait for the setup to complete before placing a directional bet. A late purchase can quickly turn a trade into a loss.

XRP / USD is currently in the range of $ 0.2295 to $ 0.26, so the bulls are likely to buy close support from that area.

The trend movement begins after the bulls push the price above $ 0.26 or the bears drop the pair below $ 0.219712.

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Bitcoin Cash (BCH) saw a sharp sell-off at $ 266.46, prompting a fresh test of the $ 242 breakout level. The sharp return from this support indicates that the bulls have been building strong at lower levels and the $ 242 is now turning from resistance to support.

The 20-day bullish EMA ($ 238) and the RSI above 60 indicate that the bulls have gained the upper hand. If the buyers manage to push the price above $ 266.46, the trend could reach $ 280, then $ 300.

This assumption becomes incorrect if the bears are selling at current levels and BCH / USD falls below the moving average. If that happens, the pair could drop to $ 215.

Source: CoinTelegraph