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Crypto Major Pair Action Bias: ETHUSD Bullish as BTCUSD, SOLUSD & XRPUSD Stay Neutral 
On Bakkt’s launching day of trading of bitcoin futures contracts, the underlying price of Bitcoin (BTCUSD) at Coinbase has settled down below $10k yesterday.
Bakkt’s has gone live as scheduled on 23rd September but with a mild start, the clients’ bitcoins are now stored in the Bakkt warehouse which is functioned by Bakkt Trust Company Llc who assumes to be a qualified custodian, regulated by the NYSDFS (New York State Department of Financial Services). Intercontinental Exchange’s (ICE) Bakkt platform has traded over 70 Bitcoin (BTC) futures contracts on its debut, it has traded about 73 bitcoins while articulating, these derivatives instruments now serve as benchmarks established by a trusted price discovery process which investors can rely upon.
On the daily plotting, spinning top and hanging man have occurred at $10,581.84 and $10,271.01 levels to nudge prices below 7 & 21-DMAs with bearish crossover.
While the leading oscillators are bearish bias, both RSI and Stochastic curves show downward convergence to the prevailing price slumps that indicate the intensified selling momentum.
While lagging indicators are also showing bearish crossovers to substantiate the minor downtrend to prolong further. As predicted in our earlier write-up, the short-term rallies have now exhausted and accordingly, Shorts in CME BTC Futures were advocated.
Unlike Bakkt, the CME BTC futures contracts prices are cash-settled, would be subject to the CME CF Bitcoin Reference Rate (BRR) for the financial benchmarks. Renowned exchanges, such as GDAX, Bitstamp, Kraken, and itBit are the constituent exchanges to provide the required data for computation of BRR.
As we continue to foresee more downside traction at this juncture, the price bounce-backs should be possible at the strong support of $9,192 - $9,359 levels. Short-term traders can hold shorts either in CME BTC of September month deliveries or activate shorts in Bakkt BTC Futures of October expiries.
