Technical Analysis of BTC/USD for August 27, 2021

Crypto Industry News:

According to market experts, the US Securities and Exchange Commission is likely to approve the Bitcoin ETF by the end of October. ETF analysts Eric Balchunas and James Seyffart released a note to investors suggesting that the sudden withdrawal of the ETF proposal on Ethereum last week by VanEck and ProShares could trigger SEC approval of the Bitcoin ETF.

"The swift withdrawal by VanEck and ProShares of the ETF proposals on Ethereum is a good sign for a potential Bitcoin ETF, given that the SEC has allowed these applications to remain active. The launch could be as early as October and we believe the SEC should give the go-ahead to several applications at once in order to avoid granting an advantage to the first player "- analysts wrote.

Balchunas noted that ETF ProShares is one of the proposals most likely to be approved by the US securities regulator.

The latest Bitcoin ETF prediction comes shortly after asset managers VanEck and ProShares suddenly withdrew their Ethereum-based ETF applications just two days after filing with the SEC. However, many Bitcoin ETF applications remain active, with asset managers such as Valkyrie, ProShares, Invesco, and VanEck filing Bitcoin futures applications earlier this year.

Technical Market Outlook:

The BTC/USD pair has broken out of the main ascending channel and the new local low was made at the level of $46,502. It might be the beginning of the corrective cycle down to the levels of $46,371, $45,710 or $45,043, however there are some Pin Bars made already, so the bulls are marking their presence on the market. The momentum is weak and negative already, which might help the bears might push the price lower anyway.

Weekly Pivot Points:

WR3 - $57,092

WR2 - $53,247

WR1 - $51,171

Weekly Pivot - $47,506

WS1 - $45,262

WS2 - $41,681

WS3 - $39,415

Trading Outlook:

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 $50,000. 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).

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The material has been provided by InstaForex Company - www.instaforex.com

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