FX.co ★ Technical Analysis of BTC/USD for April 13, 2021

Crypto Industry News:

According to the documents filed yesterday with the Securities and Exchange Commission (SEC), Galaxy Digital has officially joined the race for the regulator's permission to launch a bitcoin ETF in the US.

The documents say that the Galaxy Bitcoin ETF indicates NYSE Arca as the planned trading venue. The company has not yet appointed a depositary, administrator or transfer broker. The submitted application will probably be updated with these data as soon as the cast of the above roles is announced to the public.

Galaxy is listed in Canada and acts as an advisory body to the Canadian bitcoin ETF CI Galaxy Bitcoin project. This particular product hit the Toronto Stock Exchange last month.

CI Galaxy Bitcoin ETF uses the Galaxy Bitcoin Index, which is owned and calculated by Bloomberg services. The Galaxy Bitcoin ETF, if approved, would use exactly the same index as a valuation mechanism.

Technical Market Outlook:

The BTC/USD pair has broken above the level of $60,000 again and made a local high at the level of $61,271. The momentum is still strong and positive, so the bulls might try to attack the ATH at the level of $61,632 soon. The immediate support is seen at the level of $60,000 and $58,522, but the key short-term technical support is located at $54,719. The weekly time frame trend remains up.

Weekly Pivot Points:

WR3 - $68,058

WR2 - $64,489

WR1 - $62,269

Weekly Pivot - $58,989

WS1 - $56,726

WS2 - $53,045

WS3 - $51,108

Trading Recommendations:

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 $54,719 is clearly broken on the e daily time frame chart.