FX.co ★ Technical Analysis of BTC/USD for August 30, 2023

Crypto Industry News:

Cryptocurrency media reports that the US SEC will review applications for the creation of bitcoin spot ETFs by September 2. Documentation from BlackRock, Bitwise, WisdomTree, VanEck and Invesco is waiting in the queue.

Apparently, the Bitwise application will be the first to hit the wallpaper. A decision may be made as early as September 1. On the other four requests (BlackRock, Invesco, WisdomTree and VanEck), officials will respond the next day.

However, before those reading these words open bottles of champagne, it is worth adding that all of the above is just speculation. In addition, even assuming the analysts have verified information, the SEC does not have to approve the conclusions. He only has until September 2 to make some decisions. He may not agree to the creation of ETFs or officially give himself more time to analyze.

Roxanna Islam, deputy research director and head of sector and industry research at VettaFi, is of the opinion that we will wait for any SEC decisions. She indicated that the Commission's response to the judgment of the Grayscale lawsuit should first be awaited. Gary Gensler and his men can appeal the court's decision. In addition, the SEC may want to approve applications for the creation of Ethereum futures ETFs first.

Technical Market Outlook:

The BTC/USD pair has spiked to the upside and made a new local high at the level of $28,136. The level of $26,779 had been broken and now will act as the technical support. The momentum has hit the extremely overbought conditions on the H4 time frame chart, so now it is time for a pull-back, however, the short-term outlook remains bullish. The next target for bulls is seen at the level of $28,650 (key short-term technical resistance).

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.