Technical Analysis of BTC/USD for September 24, 2020

Crypto Industry News:

Speaking at an online meeting of the Franco-German Parliamentary Assembly, Lagarde said the bank was analyzing the "benefits, risks and operational challenges" of the European Central Bank's Digital Currency (CBDC), but that fiat currency is likely to continue to play a role in this digital future:

"The digital euro could be a complement to, not a substitute for cash. This could be an alternative to private digital currencies and ensure that sovereign money remains at the center of European payment systems."

On September 10, the ECB president said the Eurosystem had yet to decide whether to introduce the digital euro, but said a task force set up to investigate the potential impact of CBDC on Europe would be announced "in the coming weeks".

Lagarde has long supported the central bank in developing the digital euro to meet the steps towards digitization. In September last year, when she was the head of the International Monetary Fund, the ECB president announced that she would focus on ensuring that the EU institutions adapt to the changing financial environment through openness to cryptocurrencies.

Technical Market Outlook:

The BTC/USD pair has made another lower low at the level of $10,092 and the bounce was very short-lived. The nearest technical resistance is seen at the level of $10,343. The upside momentum had clearly decreased and if the bearish pressure intensify, the market might extend a correction towards the level of $10,000 (intraday support, psychological level) or $9,863 (lower technical support). The weekly trend remains up.

Weekly Pivot Points:

WR3 - $12,186

WR2 - $11,616

WR1 - $11,271

Weekly Pivot - $10,739

WS1 - $10,293

WS2 - $9,807

WS3 - $9,393

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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