19.10.202110:07 Forex Analysis & Reviews: Technical Analysis of BTC/USD for October 19, 2021

Crypto Industry News:

ProShares to Launch a Bitcoin Futures Exchange Fund (ETF) that will start trading on the New York Stock Exchange tomorrow, the company confirmed in Monday's filing with the SEC.

The US Securities and Exchange Commission (SEC) approved Bitcoin futures ETFs on Friday. ProShares applied for the Bitcoin ETF last summer. The fund is linked to BTC futures traded on the Chicago Mercantile Exchange.

The news of the long-awaited approval of the Bitcoin ETF is tandem with the current cryptocurrency quotes to levels not seen since April. Bitcoin soared above $ 60,000 on Friday for the first time in almost six months.

There will be hopes that the Bitcoin ETF debut on the NYSE will open the gates to a stream of similar products that will gain regulatory approval and accelerate the flow of cryptocurrency investments.

Technical Market Outlook:

The BTC/USD pair is heading towards the ATH located at the level of $64,920, but first the bulls need to break through the level of $63,898, which is a short-term technical resistance. The immediate technical support is seen at the level of $59,561, but the corrective cycle in wave 4 might extend lower towards the key short-term technical support is located at $52,209. Please keep an eye on this level as any violation of this level will be negative for bulls.

Weekly Pivot Points:

WR3 - $72,401

WR2 - $67,700

WR1 - $63,611

Weekly Pivot - $58,705

WS1 - $54,810

WS2 - $49,233

WS3 - $45,621

Trading Outlook:

According to the long-term charts the bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $64,920 (the previous AT level). This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).