Technical Analysis of BTC/USD for September 30, 2020

Crypto Industry News:

Nexo co-founder Antoni Trenchev said information leaked in the recent FinCen leak confirms the existence of the crypto industry. According to the leak, the world's leading financial institutions have cleared more than $ 2 trillion in "suspicious" transactions. Deutsche Bank alone settled over USD 1.3 trillion of this amount. Trenchev said:

"The first thing I feel is regaining rights because, as everyone has been saying for years, all this Bitcoin and money laundering in one breath. We've heard it from regulators, politicians, bankers, almost everyone. money laundering is still the US dollar and it is still the current financial system:

Trenchev also highlighted the fact that the only company that was listed for any cryptocurrency affiliation was OneCoin, and even that was a stretch in his opinion. As for bankers, Trenchev believes there is little incentive to limit money laundering and other illegal activities as the punishment appears rather forgiving. In fact, such activities can be very profitable. Nexo also submits "various reports of suspicious activity" to relevant regulatory authorities around the world. Trenchev said about 4% of Nexo's transactions are flagged. The company is also forced to comply with US sanctions and blacklisted countries such as Iran, Venezuela, and North Korea.

Technical Market Outlook:

After the BTC/USD pair rally had been terminated at the narrow supply zone located between the levels of $10,890 - $10,940, the market pulled-back to the level of $10,586 and then bounced again to test the short-term trend line breakout level seen at $10,845. The bulls were not strong enough to break back above the trend line and the price is moving towards the level of $10,586 again. The momentum remains neutral, but it the bearish pressure intensify, the sell-off might continue towards the level of $10,430 and below.

Weekly Pivot Points:

WR3 - $11,934

WR2 - $11,451

WR1 - $11,105

Weekly Pivot - $10,558

WS1 - $10,238

WS2 -$9,737

WS3 - $9,392

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.


The material has been provided by InstaForex Company -
- Need a custom expert advisor?
- Try the Complex Trader EA.

Share this: