Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for June 24, 2021

Crypto Industry News:
The US Securities and Exchange Commission has postponed its decision to approve the Bitcoin ETF.

The SEC delayed its decision to notify the ETF from Texas-based family-owned Valkyrie Digital Assets after receiving comments on a proposed rule change for the new fund.

In line with Tuesday's official request by the SEC, the committee felt it was appropriate to set a longer period for action on the proposed rule change for the Bitcoin ETF. Valkyrie initially filed for a Valkyrie Bitcoin Trust on the New York Stock Exchange in January of this year.

The SEC noted that it had received comments on the fund, which were published in May 2021. The authority said it was extending the review period for the ETF by 45 days, postponing the decision to August 10.

The new regulatory delay comes shortly after the SEC delayed the approval of another large ETF, extending the review period for VanEck's Bitcoin Trust last week for the second time this year. The regulator said the SEC was looking for additional public comment over a 45-day period.


Technical Market Outlook:
The BTC/USD pair has made the local high at the level of $34,716 and the next technical resistance is seen at the level of $34,843. The 50% Fibonacci retracement is seen at the level of $35,188. The nearest technical support is located at $32,156 and the Bitcoin price is trading between those two levels now. The momentum is neutral and the market conditions are not overbought yet, so odds for another wave up are high.

Weekly Pivot Points:
WR3 - $47,340
WR2 - $44,234
WR1 - $39,697

Weekly Pivot - $36,451
WS1 - $31,670
WS2 - $28,714
WS3 - $24,054


Trading Recommendations:
Even despite the recent correction 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. Any correction or local pull-back should be used to open the buy orders. 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).







Sebastian Seliga
Analytical expert
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