BTC/USD Weekly Forecast (20th September 2021 – 24th September 2021)

Fundamental view:

Bitcoin showed a uptrend against the greenback in this week. Analysts at Standard Chartered are expecting the Fed to announce the taper next week after the Federal Open Market Committee meets. “The 22 September FOMC will likely signal a tapering decision at the next meeting, providing few details. The interest rates will likely signal 2022 hike, and added hikes in both 2023 and 2024. Whereas Chinese property giant Evergrande’s debt problems may roil financial markets, including cryptocurrencies and traders are cautiously bullish towards Bitcoin.

Ali Martinez – a known crypto analyst – explained on Twitter that Whales are buying bitcoin. Addresses with 10,000 to 100,000 BTC have purchased roughly 50,000 BTC in the last four days. This significant number of tokens has been removed from known cryptocurrency exchange wallets, reducing the selling pressure behind bitcoin. Whereas Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, commented on an accompanying chart that “Traders in Bitcoin futures markets remain reasonably bullish with a positive funding rate returning to perpetual swap contracts.”

The major economic events deciding the movement of the pair in the next week are Building Permits at Sep 21, EIA Crude Oil Stocks Change, Fed Interest Rate Decision at Sep 22, Initial Jobless Claims at Sep 23 and Fed Chair Powell Speech at Sep 24 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 8.27% lower than the previous week. Maintaining high at 48464.7 and low at 43278.8 showed a movement of 5185 pips.

In the upcoming week we expect BTC/USD to show a bullish trend. The Instrument is trading above the 50 Simple Moving Average and the MACD trades to the upside. A solid breakout above 49566.2 may open a clean path towards 51608.4 and may take a way up to 54752.1. Should 44380.3 prove to be unreliable support, the BTCUSD may sink downwards 41236.6 and 39194.4 respectively. In H4 chart Extended-W pattern formation favors prospects of a bullish trend. Bullish harami pattern constructs a bullish outlook for the pair in the upcoming week.