Technical Analysis of BTC/USD for November 1, 2023
November 1, 2023 9:23 amVideo
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Crypto Industry News:
An ETF ticker has appeared on the Depository Trust and Clearing Corporation (DTCC) website. This time Invesco and Galaxy Digital. This is another signal sent to the market – bitcoin funds are fast approaching us.
This is not the first time a bitcoin ETF ticker has appeared on DTCC. Recently, the symbol of the iShares exchange-traded fund (IBTC) was chosen, which was proposed by BlackRock. Then the market took it as an announcement of the creation of an ETF, which caused a jump in the price of bitcoin.
A new ticker has been added to the list of existing ones in the last six days.
The market did not react to this with increases, because investors already know that the introduction of a ticker does not mean that the creation of ETFs is certain. A DTCC spokesperson told the media that DTCC’s standard practice is to add a ticker “in preparation for the launch of a new ETF.” However, this cannot be interpreted as an announcement of a certain issue of ETF units.
Technical Market Outlook:
The BTC/USD pair has made a three wave pull-back from the new local high located at the level of $35,227 and broke below the short-term trend line support around the level of $34,386. Currently, the market is moving lower towards the level of $34,055 which will act as the intraday technical support, but the general trading range is being maintained. The intraday technical resistance is seen at $34,386 and the next target for bulls is seen at the level of $37,142. The momentum remains weak and negative, so the bears have a temporary control of the market.
Weekly Pivot Points:
WR3 – $35,103
WR2 – $34,711
WR1 – $34,493
Weekly Pivot – $34,319
WS1 – $34,102
WS2 – $33,927
WS3 – $33,538
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $37,142. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
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