Bitcoin Today: #19 in China

Price
BTCUSD step-by-step restores past positions after a two-steps drop to the 6250 support. By rising above 6400 price leaves oversell zone, still, overall pattern stays bearish according to Bearish Trend Line and lateral wedge formation. To consider reversion of the two-week downward tendency we need to see rise above the 6800 level and 100-days EMA, until then the most positive outlook would be fixation above 6400 and lateral movement.

Today forecast
Trading Channel 6300 – 6500.

Latest

• Bakkt and Faith of the VanEck-SolidX ETF
  Bakkt is a strictly regulated cryptocurrency trading platform developed by ICE, the parent company of the New York Stock Exchange (NYSE). Currently, the company establishing an ecosystem for retail traders and institutional investors to invest in the cryptocurrency market through products that are compliant with local regulations in the US.
  Bakkt announces the launch of a cryptocurrency futures market in December, the launch is supposed to increase the liquidity of Bitcoin market. Recall, earlier the US Securities and Exchange Commission (SEC) rejected nine Bitcoin ETFs on the premise that the Bitcoin futures market is not of sufficient size to handle an ETF.
  The entrance of Bakkt into the cryptocurrency exchange market, the involvement of Bitcoin futures market operator CBOE in the VanEck ETF, and the track record of VanEck in filing over 200 successful ETFs with the SEC have led to an increase in anticipation towards the VanEck-SolidX ETF.
  Technical analyst Alex Krüger gave his comments on the situation to CCN, emphasized that renewed enthusiasm towards the market initiated by Bakkt and the VanEck ETF will allow the price of Bitcoin to climb back to major resistance levels.
  For now BTC market trades on lowest levels in 2018, hence, as of now, the market needs a major catalyst to engage a proper short-term rally and upside movement, and the two financial institutions could be a major factor that may trigger the price of Bitcoin to increase.
  However, speaking to CCN, Krüger firmly stated that the probability of the VanEck-SolidX Bitcoin ETF being approved remains extremely low given the concerns of the SEC towards the state of the cryptocurrency exchange market.
  If Bakkt can begin to demonstrate a level of volume that comfortably trumps the volume of cryptocurrency exchanges that offer derivatives or margin trading such as Bitmex and Bitfinex, the SEC could consider approving an ETF. The issue with that is, the probability of Bakkt surpassing the volume of existing cryptocurrency exchanges until the end of 2018 is fairly low.
  
• Bitcoin is #19 in China ratings
  The Center for the Development of the Information Technology Industry of China (CCID) published the October rating of 33 cryptocurrencies. EOS continues to occupy the leading position, and Bitcoin is down three lines, taking 19th place.
  The second and third place belongs to Ethereum and Bitshares. Nebulas and NEO are closing the top 5.
  The sixth place in the new ranking analysts gave to Ripple - this is the highest figure for the coin in the CCID rating so far.
  According to the “Basic-tech” criterion, the first places received the same cryptocurrencies as last month: EOS, Bitshares, Steem, Ethereum, and Gxchain.
  Ethereum, Neo, Nebulas, Qtum, and Dash were the best in the “Applicability” category. It is reported that in compiling this list, analysts "improved the methods for evaluating developers' tools and fully studied the API, SDK, RPC, smart contracts, and other factors."
  Despite the fact that Bitcoin went down in the rankings, the main cryptocurrency, in a company with Ethereum, EOS, Nuls, and Cardano, became the leader in the “Creativity” category.
  First 15 positions of CCID rating:
  #1 EOS, #2 Ethereum, #3 BitShares, #4 Nebulas, #5 NEO, #6 Steem, #7 Ripple, #8 GXChain, #9 NULS, #10 Komodo, #11 Lisk, #12 Stellar, #13 Ark, #14 IOTA, #15 Waves.