Fundamental view:

This week was nothing short of exciting. Bitcoin started trading at around $10,300 but was on a positive note throughout the entire time. It increased gradually, without any sharp and somewhat surprising movements, and managed to add about 6.5% to its value.

Bitcoin showed a mixed trend in the last week. Jack Dorsey, the CEO of Twitter and Square, said that Bitcoin is “probably the best” native currency of the Internet as it is consensus-driven and “built by everyone.” 

The major economic events deciding the movement of the pair in the next week are Existing Home Sales, Fed Chair Powell Testimony at Sep 22, Markit Manufacturing PMI, EIA Crude Oil Stocks Change at Sep 23, New Home Sales at Sep 24, and Core Durable Goods Orders monthly report at Sep 25 for US.  

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 4.89% higher than the previous week. Maintaining high at 11076.0 and low at 10217.5 showed a movement of 858 pips.

In the upcoming week we expect BTC/USD to show a bullish trend. The Instrument is trading above the 100 Simple Moving Average and the MACD trades to the upside. A solid breakout above 11258.9 may open a clean path towards 11596.7 and may take a way up to 12117.4. Should 10400.3 prove to be unreliable support, the BTCUSD may sink downwards 9879.6 and 9541.8 respectively. In H4 chart bullish gartley breakout favors prospects of a bullish trend. Doji candle pattern constructs a bullish outlook for the pair in the upcoming week.