BTC/USD Weekly Forecast (18th October 2021 – 22nd October 2021)

Fundamental view:

Bitcoin rallied against the US dollar during the trading course of the week. Optimism is bordering euphoria in the cryptocurrency market after documents pointed toward the eventual approval of Valkyrie’s Bitcoin (BTC) exchange-traded fund, or ETF, application by the United States Securities Exchange Commission before the end of the month. The Securities and Exchange Commission (SEC) had greenlighted bitcoin futures ETFs in a first for the industry on Friday, after the regulator’s five commissioners met on the issue. ProShares, which had filed for its Bitcoin Strategy ETF this past summer, might be the first to launch next week. The company filed a post-effective amended prospectus on Oct. 15, stating its filing is expected to launch on Monday, Oct. 18, though the fund may not begin trading immediately.

ETF Store President Nate Geraci told CoinDesk the form is “a step forward” for digital assets and bridging them with the more traditional financial sector. He confirmed that the filing of a post-effective amendment is confirmation of the SEC’s tacit approval. Amidst this catalyst playing a major role, Bitcoin seem to show a bullish trend.

The major economic events deciding the movement of the pair in the next week are Fed Industrial Production yearly report at Oct 18, EIA Crude Oil Stocks Change at Oct 20, Philadelphia Fed Manufacturing Index, Initial Jobless Claims at Oct 21 and Markit Manufacturing PMI at Oct 22 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 10.09% higher than the previous week. Maintaining high at 62819.6 and low at 54147.8 showed a movement of 8672 pips.

In the upcoming week we expect BTC/USD to show a bullish trend. The Instrument is trading above the 200 Simple Moving Average and the MACD trades to the upside. A solid breakout above 64835.1 may open a clean path towards 68163.3 and then may take a way up to 73506.9. Should 56163.3 prove to be unreliable support, the BTCUSD may fall downwards to 50819.7 and 47491.5 respectively. In H4 chart symmetrical triangle breakout created prospects of a bullish trend. Three inside up pattern constructs a bullish outlook for the pair in the upcoming week.