Crypto Industry News:
Middle East's first Bitcoin ETP to be listed on NASDAQ DUBAI in UAE. Cryptocurrency activity in the Middle East continues to grow as the global integration of blockchain technology and digital assets continues to expand to every jurisdiction in the world.
On Wednesday, 21 Shares, a global provider of cryptocurrency trading products (ETP), made its debut in the United Arab Emirates (UAE). The new trading product - Bitcoin ETP - is now available on the Nasdaq Dubai international financial exchange under the name -ABTC.
Technical Market Outlook:
The BTC/USD pair had tested the range low at the level of $18,150 and reversed aggressively back above the local trend line and towards the level of $20k. The supply zone located between the levels of $20,221 - $20,580 (marked as a red rectangle) is very important for bulls from a technical point of view, because only a sustained breakout above it would change the outlook to more bullish, so please keep an eye on this zone for a possible breakout towards the next target seen at $22,410. The momentum remains strong and positive, which supports the short-term bullish outlook for BTC. The nearest technical support is seen at $18,944 and $18,856. The swing low and range low is seen at the level of $18,150.
Weekly Pivot Points:
WR3 - $19,705
WR2 - $19,556
WR1 - $19,482
Weekly Pivot - $19,332
WS1 - $19,257
WS2 - $19,132
WS3 - $19,009
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.