Fundamental view:

Bitcoin fell in the last week and touched around 11k. The Fed’s plan to hold rates near zero for the foreseeable future is driving real Treasury yields below zero and forcing investors to find healthy returns elsewhere. Traders are experimenting with crypto currencies, anticipating their insulation from inflation will lift prices higher.

The major economic events deciding the movement of the pair in the next week are ISM Manufacturing PMI at Sep 01, ADP Non-Farm Employment Change, Crude Oil Inventories at Sep 02, ISM Non-Manufacturing PMI, at Sep 03, Average Hourly Earnings monthly report, Unemployment Rate at Sep 04 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 5.24% lower than the previous week. Maintaining high at 11805.8 and low at 11084.5 showed a movement of 721 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 upside. A solid breakout above 11816.7 may open a clean path towards 12171.8  and may take a way up to12537.9. Should 11095.4 prove to be unreliable support, the BTCUSD may sink downwards 10729.3  and 10374.2 respectively. In H4 chart, breakout of the Falling wedge favors prospects of bullish trend and spinning top formation support our prospect.