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Crypto Industry News:
Bloomberg analysts Eric Balchunas and James Seyffart revised their percentage chances of Bitcoin ETF approval by the U.S. Securities and Exchange Commission (SEC) in January 2024. This change is the result of an ongoing and constructive dialogue between the market regulator and Ark and 21Shares, two significant industry players awaiting consideration of their applications for ETFs with BTC as the underlying asset.
The communication between the SEC and Ark is particularly promising because it marks the first-ever recorded conversation between a US regulator and an asset manager regarding a Bitcoin ETF. This correspondence spanned five pages of A4 sheets and, while considered standard practice for new investment vehicle launches, represents a de facto landmark milestone for BTC and the spot exchange-traded fund sector.
Technical Market Outlook:
The BTC/USD pair has spiked up from the local low made at the level of $26,520 and is currently heading towards the level of $28,294 and $28,608 (last swing high). The intraday technical support is seen at $27,157 and the intraday technical resistance is seen at $28,294. The strong and positive momentum on the H4 time frame chart supports the short-term bullish outlook for BTC, however the market conditions are now extremely oversold on the H4 time frame chart, so bulls are trying to bounce. Any breakout lower would likely extend the down move on BTC towards the level of $26,031.
Weekly Pivot Points:
WR3 - $28,998
WR2 - $28,237
WR1 - $27,961
Weekly Pivot - $27,478
WS1 - $27,202
WS2 - $26,719
WS3 - $25,960
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.