Technical Analysis of BTC/USD for September 15, 2020

Crypto Industry News:

Bitcoin enthusiasts in Hong Kong have come up with a new way to raise public awareness of Bitcoin on a large scale.

Starting from September 11, three double-decker trams decorated with the BTC logo began to run on the streets of Hong Kong. Each of them, apart from the Bitcoin logo, contains a certain message whose task is to educate the public.

Earlier in August, the well-known hedge fund Grayscale also launched a massive educational campaign on Bitcoin in the US.

As part of an educational campaign launched by the Bitcoin Association of Hong Kong, 20 giant billboards will also be created in various public places. The trams themselves will be entirely decorated with the BTC logo and will run on different routes for the next four weeks.

The campaign focuses in part on communicating the importance of the deficit phenomenon and how it relates to healthy monetary policy. One of the billboards refers to the American money printing in 2020. We can read on it:

"More U.S. dollars have been printed in 2020 than were in existence in 2009. There will only ever be 21 million Bitcoins. "

A publication that foreshadowed the event in a well-known local newspaper said the cryptocurrency community hoped to initiate a conversation about what role cryptocurrency could play in providing economic infrastructure for a new, rapidly digitizing global market.

Technical Market Outlook:

The BTC/USD pair has broken out from the narrow range located between the levels of $9,825 - $10,586 and made a new local high at the level of $10,779. The nearest technical resistance is seen at the level of $10,890 and $10,940 and the key short-term technical support is seen at the level of $9,922. The market conditions are oversold and the momentum remains neutral on H4 time frame chart. The weekly time frame trend remains up.

Weekly Pivot Points:

WR3 - $11,302

WR2 - $10,908

WR1 - $10,609

Weekly Pivot - $10,206

WS1 - $9,887

WS2 - $9,466

WS3 - $9,157

Trading Recommendations:

The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,000.

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