Technical Analysis of BTC/USD for September 13, 2021

Crypto Industry news:

The establishment of BTC as the official tender in El Salvador is a historic event that is likely to lead to similar decisions by other governments.

While it will certainly not be as fast as in El Salvador, surveys are already being carried out to find out what people think about whether Bitcoin should be considered a national currency.

Wyoming and Texas are introducing regulations that will allow you to pay real estate taxes when using BTC. At the same time, a survey conducted by YouGov showed that 28% of Americans declare that they are firm against the adoption of BTC as a means of payment in the US. 4,912 people were asked questions related to BTC. Out of all respondents, only about 11% consider the introduction of BTC a great idea, and another 16% see the benefits of such a solution. More than 1/3 of respondents do not know if BTC recognition would be beneficial. As you can imagine, in most cases younger people were for the introduction, and older people were against the idea.

Greater enthusiasm for the oldest cryptocurrency can be seen in Brazil. Sherlock Communications conducted a survey which showed that as many as 48% of residents support BTC in the country as a means of payment. Even more respondents (56%) support El Salvador's decision.

While not all Brazilians are in favor of adopting BTC, the vast majority of those polled not only want the introduction or admit that it could bring many benefits, but also predict that more and more people will be using BTC in the near future. The extreme scenario, which in this case marks the end of the entire cryptocurrency market in Brazil, is predicted by only 4% of respondents.

Technical Market Outlook

The BTC/USD pair has failed to rally above the level of $46,317, so the road towards $50k is still closed after the Bearish Engulfing candlestick pattern was made again. The bears have control over the market and are pushing the price lower towards the lows of September 7th located at $43,159. Any violation of this level would be a bearish signal. The nearest technical support is seen at the level of $44,219.

Weekly Pivot Points:

WR3 - $59,391

WR2 - $56,198

WR1 - $49,661

Weekly Pivot - $46,351

WS1 - $40,043

WS2 - $36,782

WS3 - $30,164

Trading Outlook:

According to the long-term charts 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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The material has been provided by InstaForex Company - www.instaforex.com

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