Technical Analysis of BTC/USD for October 24, 2023
October 24, 2023 10:24 am
Crypto Industry News:
There are many indications that the cryptocurrency market will soon see what it has been waiting for a decade. BlackRock’s spot bitcoin ETF will become a reality. This is evidenced by the fact that the iShares exchange-traded fund proposed by this giant is already listed on the Trust & Clearing Corporation (DTCC) depository exchange.
In a thread from October 23 on X, Bloomberg ETF analyst Eric Balchunas wrote that a cryptocurrency ETF appeared on the DTCC exchange:
“The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC”
In turn, analyst Scott Johnsson noticed something else. Black Rock has obtained a CUSIP license, which is also a sign that the company is seriously preparing to launch an ETF. It is a nine-character, alphanumeric identification code used in the USA and Canada. It is used to settle securities transactions. Additionally, Johnson believes that BlackRock may soon want to “infuse” the ETF with cash.
With all this in mind, let’s remember that the SEC still has time to respond to BlackRock. Theoretically, it can do this in March next year at the latest. Which, of course, does not rule out that he will say “yes” now. At the same time, it may approve applications from ARK Investment, Fidelity and Valkyrie. Officials may be afraid of favoring only one entity.
Technical Market Outlook:
The BTC/USD pair has broken above the last swing high located at $31,790 as the new local high was made at the level of $35,227 (at the time of writing the article). The intraday technical support is seen at $31,790 and the intraday technical resistance is seen at $34,342. The next target for bulls is seen at the level of $37,142. The strong and positive momentum on the H4 time frame chart supports the short-term bullish outlook for BTC, however the market conditions are now extremely overbought on the H4 time frame chart.
Weekly Pivot Points:
WR3 – $32,658
WR2 – $31,572
WR1 – $31,127
Weekly Pivot – $30,486
WS1 – $30,041
WS2 – $29,400
WS3 – $28,313
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 $32,350. 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
Crypto Industry News:
There are many indications that the cryptocurrency market will soon see what it has been waiting for a decade. BlackRock’s spot bitcoin ETF will become a reality. This is evidenced by the fact that the iShares exchange-traded fund proposed by this giant is already listed on the Trust & Clearing Corporation (DTCC) depository exchange.
In a thread from October 23 on X, Bloomberg ETF analyst Eric Balchunas wrote that a cryptocurrency ETF appeared on the DTCC exchange:
“The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC”
In turn, analyst Scott Johnsson noticed something else. Black Rock has obtained a CUSIP license, which is also a sign that the company is seriously preparing to launch an ETF. It is a nine-character, alphanumeric identification code used in the USA and Canada. It is used to settle securities transactions. Additionally, Johnson believes that BlackRock may soon want to “infuse” the ETF with cash.
With all this in mind, let’s remember that the SEC still has time to respond to BlackRock. Theoretically, it can do this in March next year at the latest. Which, of course, does not rule out that he will say “yes” now. At the same time, it may approve applications from ARK Investment, Fidelity and Valkyrie. Officials may be afraid of favoring only one entity.
Technical Market Outlook:
The BTC/USD pair has broken above the last swing high located at $31,790 as the new local high was made at the level of $35,227 (at the time of writing the article). The intraday technical support is seen at $31,790 and the intraday technical resistance is seen at $34,342. The next target for bulls is seen at the level of $37,142. The strong and positive momentum on the H4 time frame chart supports the short-term bullish outlook for BTC, however the market conditions are now extremely overbought on the H4 time frame chart.
Weekly Pivot Points:
WR3 – $32,658
WR2 – $31,572
WR1 – $31,127
Weekly Pivot – $30,486
WS1 – $30,041
WS2 – $29,400
WS3 – $28,313
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 $32,350. 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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