Bitcoin analysis for 28/11/2018

US stock operator Nasdaq reportedly sticks to the plans to launch Bitcoin futures contracts at the beginning of next year.

Financial media have the report, which cites "people who know the case," says that despite the weak crypto markets over the last year, Nasdaq will most likely continue to stick to its plans and start listing its own Bitcoin futures contracts in the first quarter of 2019.

In February CFTC strengthened the review process of cryptocurrency futures products. The new checklist on Designated Market Contracts and Derivatives Clearing Organizations was intended to provide regulatory support, as the stock exchanges market new cryptographic products.

Nasdaq contracts are reportedly based on the current price of Bitcoin on numerous exchanges and will be developed by a New York-based company that manages VanEck investments.

Nasdaq revealed for the first time that it is preparing to offer Bitcoin futures products in November last year. The first Bitcoin forward contracts hit the markets almost a year ago - CBOE and CME offerings appeared in December when Bitcoin prices reached the highest level in history.

Recently, the Intercontinental Exchange (ICE) announced that it is launching a physically delivered Bitcoin futures product via the new Bakkt stock exchange. This commissioning was postponed from December 2018 to January 2019 due to the "size of interest" in the company and "work necessary to put all the elements in their place" - the company said.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has bounced towards the level of $4,017 which is a technical resistance level. In the case of a breakout higher, the next target is seen at the level of $4,086 and then - at the level of $4,345. Please notice the breakout above the dashed black trend line supports the short-term bullish outlook.

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The material has been provided by InstaForex Company - www.instaforex.com