Crypto Industry News:
The US Securities and Exchange Commission (SEC) extended the deadline for the four Bitcoin ETFs by 45 days, citing the need for additional time to decide whether to accept requests 19b-4.
The approval of the four Bitcoin ETFs - Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust and Kryptoin Bitcoin ETFs - was postponed to November 21, December 8, December 11, and December 24, respectively.
"The Commission believes that a longer period of time to act on the proposed amendment should be allowed in order to have sufficient time to consider the proposed amendment and any comments," writes the SEC.
In mid-September, US investment firm Invesco teamed up with Galaxy Digital Funds to apply for a Bitcoin ETF called Invesco Galaxy. Currently, the pending ETF offer can be listed on domestic US exchanges, and prospective clients have been assured that all private keys will be rigorously guarded by multiple technological and physical security measures.
The introduction of the first Bitcoin EFT by the SEC is widely expected to raise the asset's technical ratios as the market will see a surge in traditional investors. Data from iShares shows that the total value of global stock exchange products is $ 263 billion, yet this figure does not include all mutual funds, which could put it close to $ 500 billion.
Technical Market Outlook:
The BTC/USD pair has broken above the trend line resistance located at the level of $44,310 and made a new local high at the level of $49,182. The rally ended with a Pin Bar candlestick formation, so a temporary pull-back towards the level of $46,719 is on the way. The key short-term technical support is located at the level of $45,086. Please notice, that the bulls had violated all of the Fibonacci retracement levels already and the recent move up might be the beginning of the impulsive wave progression.
Weekly Pivot Points:
WR3 - $61,007
WR2 - $54,857
WR1 - $52,632
Weekly Pivot - $42,280
WS1 - $43,798
WS2 - $38,065
WS3 - $35,092
Trading Outlook:
According to the long-term charts 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. The next mid-term target is seen at the level of $59,506. 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).
