Fundamental view:

Bitcoin portrayed a bullish trend against the greenback in this week. US dollar fall served a helping hand towards the Bitcoin uptrend. Other news also favors the Bitcoins. As per a news agency, Kyrgyzstan’s State Service for Regulation has developed a draft of regulations for crypto exchanges on August 25. The draft aims to legalize crypto exchange operations. It also hopes to reduce risk by introducing frameworks that could help develop a digital economy in Kyrgyzstan by leveraging blockchain technology. 

In a recent interview, Kraken, a US-based crypto exchange, announced that it is expanding to European markets in 2021. The company is working with the local authorities to receive a license that targets multiple local jurisdictions. While the exchange is already operating in 190 jurisdictions, this move could be to capitalize on the second phase of the 2021 Bull Run. Square and Twitter CEO Jack Dorsey, tweeted on Friday that TBD, payment giant Square’s new division focused on creating an open developer platform, is planning to build a decentralized bitcoin exchange. Overall the big crypto shows a bullish trend.

The major economic events deciding the movement of the pair in the next week are CB Consumer Confidence Index at Aug 31, ADP Nonfarm Employment Change, ISM Manufacturing PMI, EIA Crude Oil Stocks Change at Sep 01, Initial Jobless Claims at Sep 02, Nonfarm Payrolls and ISM Non-Manufacturing PMI at Sep 03 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 1.42% higher than the previous week. Maintaining high at 50504.5 and low at 46290.5 showed a movement of 4214 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 50949.8 may open a clean path towards 52834.2 and may take a way up to 55163.8. Should 46735.8 prove to be unreliable support, the BTCUSD may sink downwards 44406.2 and 42521.8 respectively. In H4 chart bullish shark pattern formation favors prospects of a bullish trend. Bullish Harami pattern constructs a bullish outlook for the pair in the upcoming week.