Fundamental view:

Bitcoin (BTC), the pioneer cryptocurrency, dropped last week reaching a level of $1500 this week.

The US authorities filed several charges against the cryptocurrency derivatives exchange BitMEX and its top executives, including Arthur Hayes. In a joined statement, the Commodity Futures Trading Commission (CFTC) and the Department of Justice (DOJ) accused the team of running an unregistered trading platform and violating the Bank Secrecy Act. The experts warn that the charges are severe and may result in jail time for all the people involved, provided that the court sides with the regulators. This news has put weigh on the Bitcoin.

The major economic events deciding the movement of the pair in the next week are ISM Non-Manufacturing PMI at Oct 05, JOLTS Job Openings, Fed Chair Powell Speech at Oct 06, EIA Crude Oil Stocks Change at Oct 07, and Initial Jobless Claims at Oct 08 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 0.38% lower than the previous week. Maintaining high at 10932.6 and low at 10363.6 showed a movement of 569 pips.

In the upcoming week we expect BTC/USD to show a bearish trend. The Instrument is trading below the 200 Simple Moving Average and the MACD trades to the downside. A solid breakout below 10288.8 may open a clean path towards 10041.7 and may take a way down to 9719.8. Should 10857.8 prove to be unreliable resistance, the BTCUSD may raise upwards 11179.7 and 11426.8 respectively. In H4 chart bearish bat pattern formation favors prospects of a bearish trend. Bearish harami pattern constructs a bearish outlook for the pair in the upcoming week.