Fundamental view:

The latest update that ‘Crypto-exchanges have to comply with SEC rules’ makes crypto weaker against the recovering dollar in the past week.

The optimism among the investors for the dollar makes Bitcoin to fall and we expect it to continue in the upcoming week.

The major economic events deciding the movement of the pair in the next week are The major economic events deciding the movement of the pair in the next week are CB Consumer Confidence at Aug 25, US Core Durable Goods Orders monthly report, Crude Oil Inventories at Aug 26, US Prelim GDP quarterly report, Fed Chair Powell Speaks at Aug 27 for US, Jackson Hole Symposium at Aug 27 & 28.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 3.27% higher than the previous week. Maintaining high at 12459.2 and low at 11371.5 showed a movement of 1087 pips.

In the upcoming week we expect BTC/USD to show a bearish trend. The Instrument is trading below the 100 Simple Moving Average and the MACD trades to the downside. A solid breakout below 11314.4 may open a clean path towards 10800.1 and may take a way down to 10228.8. Should 12400.1 prove to be unreliable resistance, the BTCUSD may raise upwards 12971.4 and 13485.7 respectively. In H4 chart Symmetrical breakout favors prospects of a bearish trend. Three Black Crows pattern constructs a bearish outlook for the pair in the upcoming week.