Crypto Industry News:
The American investment management company VanEck has applied for the creation of a new Bitcoin futures investment fund with the Securities and Exchange Commission (SEC).
According to the filed prospectus, the new 'Bitcoin Strategy Fund' will invest in Bitcoin futures as well as combined investment vehicles and exchange products that provide exposure to Bitcoin.
The fund will have exposure to certain Bitcoin futures through its wholly owned subsidiary operating in the Cayman Islands.
"The subsidiary has the same investment objective as the fund and will follow the same general investment rules and restrictions, except that unlike a fund, it can invest freely in Bitcoin futures," the prospectus notes.
The fund's portfolio will be managed by Gregory Krenzer, Deputy Portfolio Manager for VanEck Commodity Index Strategy and Head of Active Trading with extensive experience in commodities, commodity equities and emerging markets. Krenzer has been with Van Eck Associates Corporation since 1994 and has over 25 years of experience in international and financial markets.
Technical Market Outlook:
The BTC/USD pair has bounced from the level of $29,187, which was just above the technical support located at $28,930. The market made a Bullish Engulfing candlestick pattern and the price has retraced 38% of the last wave down in V-shape reversal. The recent local high was made at the level of $34,378 and the next technical resistance is seen at the level of $34,843. The 50% Fibonacci retracement is seen at the level of $35,188. The nearest technical support is located at $32,156.
Weekly Pivot Points:
WR3 - $47,340
WR2 - $44,234
WR1 - $39,697
Weekly Pivot - $36,451
WS1 - $31,670
WS2 - $28,714
WS3 - $24,054
Trading Recommendations:
Even despite the recent correction 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 $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).
