Technical Analysis of BTC/USD for September 17, 2020

Crypto Industry News:

Robert Kiyosaki calls the United States "bankrupt" because the country's public debt is $ 27 trillion, while listing Bitcoin as one of the top three long-term investments. The author of "Rich Dad Poor Dad" also predicts that when the world finds an effective vaccine against the coronavirus, Bitcoin will collapse.

In a tweet yesterday, Kiyosaki warned that the functional solution for Covid-19 would destroy the so-called Safe assets. Continuing, Kiyosaki argued that the virus masks "real" problems, particularly in the US economy. The country, with $ 26.7 trillion in debt according to the US National Debt Clock's monitoring resources, most of which came from stimulus measures since the Covid-19 hit, is now "bankrupt."

The argument for long-term investment in Bitcoin has become increasingly public since the asset market crash in March. Despite its current strength, the US dollar is widely viewed as in a downturn that will only worsen thanks to the Federal Reserve's policies also purported to counter the effects of the coronavirus.

The weakness of the US dollar index has pushed Bitcoin and gold up in recent months, highlighting the inverse correlation that remains the main factor for investors to consider.

Technical Market Outlook:

The BTC/USD pair has made a new local high at the level of $11,043 recently, but the rally was capped at this level. The zone located between the levels of $11,062 - $11,222 is the supply zone. If there is no breakout higher above this zone in the coming days, then the market might be moving sideways for some time and event reverse again. 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 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.

analytics5f6310a1a68df.jpg

The material has been provided by InstaForex Company - www.instaforex.com