Technical Analysis of BTC/USD for September 8, 2021

Crypto Industry News:

The Russian government reiterated its negative stance against a scenario in which BTC could be accepted as an official currency.

Dmitry Peskov, the official representative of Russian President Vladimir Putin, argued that Russia has no reason to consider Bitcoin legal tender, a local news agency said.

The Kremlin official argued that the unification of cryptocurrencies such as Bitcoin with traditional monetary instruments would only harm the country's financial and economic system.

"Undoubtedly, Russia is not ready for such moves," said Peskov.

Peskov's recent remarks are in line with the Russian government's long-standing skeptical approach to Bitcoin, recalling a similar statement by Anatoly Aksakov, a member of the State Duma and a key architect of the ban on cryptocurrency payments in Russia. In August last year, Aksakov argued that accepting cryptocurrencies as payments would essentially mean "destroying the financial system."

Russia officially banned cryptocurrency payments in the country under the 'About Digital Financial Assets' cryptocurrency law in January 2021. The law, however, does not prohibit Russians from buying or trading cryptocurrencies such as Bitcoin.

Technical Market Outlook

The BTC/USD pair has made a Doji candlestick pattern at the top of the rally at the level of $52,909 and then the sell-off had begun. The market dropper over 18% to the level of $43,159 briefly, but then bounced towards the level of $47,557. Currently, the bears are in full control of the market as the price is heading towards the level of $45,043, the last technical support before $43,159. The weak and negative momentum supports the short-term bearish outlook.

Weekly Pivot Points:

WR3 - $59,047

WR2 - $55,505

WR1 - $54,221

Weekly Pivot - $49,999

WS1 - $48,690

WS2 - $44,656

WS3 - $43,452

Trading Outlook:

The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $59,506. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).


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