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Crypto Industry News:
Valkyrie Bitcoin Strategy ETF has finally entered into force and is expected to start trading on Nasdaq under the BTF ticker on Friday, industry media reports.
The launch follows the US Securities and Exchange Commission release on Thursday about the effectiveness of the Valkyrie Bitcoin Strategy ETF.
According to Leah Wald, CEO of Valkyrie Funds, the upcoming fund launch is an important milestone in the relationship between the cryptocurrency industry and US regulators.
"This inauguration is important because it is another confirmation that US regulators want to work with the industry to regulate crypto assets, not ban them. The more products come on the market, the more awareness. There are, of course, other phenomena regarding similar products and it would make sense for them to appear on the market, she said.
As previously reported, the Bitcoin Strategy ETF ProShares became the first Bitcoin futures ETF to be launched in the United States, starting trading on the New York Stock Exchange on Tuesday. Earlier in October, the SEC also approved a Bitcoin related ETF product by Volt Equity, which provides investors with an instrument to invest in companies with significant Bitcoin exposure.
Technical Market Outlook:
The ETH/USD pair has made a new higher high at the level of $4,373, but the rally had ended with a Pin Bar candlestick pattern at the top of it, so a some kind of correction might be expected soon. The nearest technical support is seen at the level of $4,031 and $3,971. The momentum is strong and positive, so the bulls might risk to push the prices towards the level of $4,000 before any meaningful correction will occur, but any breakout below $3,677 will be a negative in the short-term.
Weekly Pivot Points:
WR3 - $4,596
WR2 - $4,262
WR1 - $3,971
Weekly Pivot - $3,631
WS1 - $3,394
WS2 - $3,073
WS3 - $2,777
Trading Outlook:
Ethereum have started the next wave up and violated the long-term target at the level of $3,550. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.
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