Technical Analysis of BTC/USD for March 26, 2021

Crypto Industry News:

Fidelity has applied to the US Securities and Exchange Commission (SEC) to launch an ETF. It is supposed to track the price of Bitcoin, measured by the results of the Fidelity Bitcoin index.

FD Funds Management, a subsidiary of Fidelity, has revealed that it plans to provide financial support to a Bitcoin ETF called the Wise Origin Bitcoin Trust, CNBC said. On Wednesday, the company filed a Form S-1 with the SEC, a preliminary declaration of the fund's registration.

The filing explained that the Wise Origin Bitcoin Trust "is an exchange-traded fund that issues common stocks" that will trade on the exchange, adding:

The investment objective of the Trust is to attempt to track Bitcoin performance as measured by Fidelity Bitcoin Index PR results adjusted for the Trust's expenses and other liabilities.

The ETF is sponsored by FD Funds Management while the Delaware Trust Company is the trustee. Fidelity Digital Asset Services LLC (FDAS) is the trustee of the Trust and will hold all BTC on its behalf as described in the application.

Technical Market Outlook:

The BTC/USD pair has broken below the 61% Fibonacci retracement located at the level of $52,213 and made a new local low at the level of $50,325. This is a third consecutive lower low since the high at the level of $61,322. If bulls want to rally above the short-term trend line resistance seen around the level of $58,223, they need to break through the levels of $53,290, $54,012 and $55,810 first. The momentum is now weak and negative, which supports the short-term bearish outlook. The longer term trend is still up and intact and any breakout above trend line will be considered as bullish with a target at $60,000 and above.

Weekly Pivot Points:

WR3 - $68,853

WR2 - $64,700

WR1 - $61,327

Weekly Pivot - $57,323

WS1 - $54,318

WS2 - $49,983

WS3 - $46,876

Trading Recommendations:

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 $41,125 is clearly broken on the e daily time frame chart.


The material has been provided by InstaForex Company -