Fundamental view:

Bitcoin has shown an uptrend against greenback in the previous week. Despite the recent crashes, Bitcoin adoption continues to progress. The President of Argentina, Alberto Fernandez, expressing his views on how Bitcoin can combat inflation with a local media outlet on August 12, this helps the Bitcoin’s uptrend.

Singapore’s largest bank – DBS Bank made an announcement on Thursday that it received a ‘go’ sign from the Monetary Authority of Singapore (MAS) to digitize payment token services as a payment institution via its broker arm, DBS Vickers (DBSV).  All these favored the Bitcoin against the greenback.

On the other hand,  The central bank is trying to cool down tightening expectations by saying that heating inflation will likely be temporary and resting on the tepid progress in the job sector which will help to maintain the ultra-loose monetary policy.

The major economic events deciding the movement of the pair in the next week are NY Fed Empire State Manufacturing Index at Aug 16, Retail Sales monthly report, Fed Industrial Production monthly report at Aug 17, EIA Crude Oil Stocks Change, FOMC Minutes at Aug 18, Philadelphia Fed Manufacturing Index and Initial Jobless Claims at Aug 19 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 5.62% higher than the previous week. Maintaining high at 47886.1 and low at 42788.2 showed a movement of 5097 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 49401.9 may open a clean path towards 51192.9 and may take a way up to 54499.8. Should 44304.0 prove to be unreliable support, the BTCUSD may sink downwards 40997.1 and 39206.1 respectively. In H4 chart bullish shark pattern favors prospects of a bullish trend. Bullish harami pattern constructs a bullish outlook for the pair in the upcoming week.