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Crypto Industry News:
Two ETFs that track U.S.-listed cryptocurrency futures will debut on the Hong Kong Stock Exchange tomorrow.
The products will feature BTC and ETH as underlying assets and will become the first ETF futures to be traded in Asia.
The funds will track futures contracts listed on the Chicago Mercantile Exchange in the US. The products marked CSOP Bitcoin Futures ETF and CSOP Ether Futures ETF have raised a total of $73.6 million so far, with the former accounting for $53.9 million of that amount.
Products do not invest in "physical" bitcoins and ether. Instead, they allow investors to jump on the bandwagon without buying tokens from "unregulated platforms."
The initiative is a clear sign that Hong Kong has not strayed from its cryptocurrency path and remains open to the development of virtual assets.
Technical Market Outlook:
The Bitcoin bulls had made a new local high at the level of $18,360 and then reversal has started. The next target for bulls is located at $18,660, but first the correction must be completed. The level of $17,428 will now act as the key short-term technical support. Please notice the market coming off the extremely overbought conditions on the H4 time frame chart and the RSI is now under the fifty level already.
Weekly Pivot Points:
WR3 - $17,347
WR2 - $17,136
WR1 - $17,014
Weekly Pivot - $16,995
WS1 - $16,803
WS2 - $16,718
WS3 - $16,502
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $15,555 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout in the long term.
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