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FX.co ★ Technical Analysis of BTC/USD for August 28, 2023

Technical Analysis of BTC/USD for August 28, 2023

Crypto Industry News:

Cryptocurrency asset management company Hashdex has joined the competition for a spot in the US Bitcoin exchange-traded ETF market. The company has applied to the U.S. Securities and Exchange Commission (SEC) for approval of the Bitcoin futures ETF.

Hashdex is a cryptocurrency asset management company, as well as creating indices and investment products related to the cryptocurrency market. Their activity focuses on combining traditional financial instruments with modern blockchain and cryptocurrency technologies.

The Hashdex approach is different from previous applications. Instead of relying on Coinbase's monitoring data, it intends to purchase Bitcoin spot from physical exchanges within the CME market. According to an application filed by NYSE Arca with the SEC, Hashdex plans to include Bitcoin spot in its Bitcoin futures ETF. Additionally, the creators plan to change the name and symbol, changing it to Hashdex Bitcoin ETF.

Technical Market Outlook:

The BTC/USD pair has been seen moving away from the high made at the level of $26,779. The bounce was faded quickly and now the BTC is back inside the old trading range below the level of $26,265. The level of $25,560 will now act as the technical support, but the key short-term technical support is seen at the level of $24,753. The momentum is back under the level of fifty, so the short-term outlook is bearish again.

Technical Analysis of BTC/USD for August 28, 2023

Weekly Pivot Points:

WR3 - $26,936

WR2 - $26,167

WR1 - $26,040

Weekly Pivot - $25,938

WS1 - $25,811

WS2 - $25,709

WS3 - $25,480

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 market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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