BTCUSD Weekly Outlook – September 3 , 2021

Last Updated on September 3, 2021

BTC Price Forecast

Introduction

The bitcoin brokers have enjoyed a state of bullish run in the market as bitcoin assets continue to show good recovery signs from the bearish run that dominated the market some weeks back. The general acceptance of bitcoin is on the rise in some central parts of South America and government plans to pay workers’ salaries through digital asset.

BTCUSD Technical Analysis

Monthly Chart

BTCUSD monthly chart - 2nd September 2021

Monthly Resistance Levels:  59533

Monthly Support Levels:  37353, 29235

The Bulls Month is showing a possible bullish drive in the market as the price of BTC started reversing from the support level of the month of July. 

A hidden bullish divergence pattern formed after the BTC price bounced off the MA-10 on the monthly time frame confirms a price take-over by the bulls and a likely super-cycle to come.

We can expect a break above the 60K round-number mark and a price surge towards the 100K area from the mast month in Q3 into Q4.

Weekly Chart

BTCUSD weekly chart - 2nd September 2021

Weekly Resistance Levels:  59519, 50562. 60000, 50685

Weekly Support Levels:  28254, 37000, 43971, 45300

We can see bullish dominance on the weekly chart, as the Bulls were able to break out above the 41112 level to rise high towards the 60000 levels of resistance. However, the previous week had low volatility on the weekly chart and it is shown that the bullish run is resting, the bitcoin brokers may see a correction of the bullish swing.

If the Bears can take the price lower than the previous week’s low (45300) we may see the BTC price drop to the 37000 levels or lower in the future. The zone is a technical area for market participants because a breakout below will take the price lower while a

bounce from the zone will like take the price of BTC higher above the current high of 50685. 

Daily Chart

Daily Resistance 49661, 48000, 50598

Daily Support 43595, 46250, 42583

The BTC is in a bullish trend since the start of the month, having seen the swing make higher highs and higher lows. The Bullish bitcoin brokers will have to break out above the resistance zones of 50598 for the trend to continue on the daily time frame. 

If the Bulls cannot break through the resistance zones, we may see the price of bitcoin retrace back to the support level of 46250. Should we see price close below the current support level, we shall see price hit the 43922 level of support.

Bullish Scenario:

BTC Bulls on the weekly time frame have slowed down after running in an uptrend direction for weeks. The Bulls will have to take out the high of 50685 to be taken out for the rally to continue 

 Bearish Scenario:

If the recent rejection of the BTC is to hold in the coming days base on the daily time frame. If the Bears can close lower than the 46250 levels, we shall see the price of drops lower when the bears take the price lower on the daily chart.

Bitcoin BTC News Events 

Adoption of Bitcoin on the Increases

Reports from Reuters shows that the TGU consulting Group is the company responsible for the installation of the first-ever ATM machine for cryptocurrencies in one of the central American nation. The first ATM was installed in the country at the Tegucigalpa town office, capital of Honduras in Central American. The locals refer to it as “la Bitcoinera”, the nationals see the arrival of its first-ever crypto ATM machine as a good thing for the community as they welcome and accept the use of cryptocurrencies.

Users of Bitcoin (BTC) and Ethereum (ETH) using the Honduras currency lempira will have to scan their personal information before buying any of the digital assets. Some software developers in Honduras have been receiving salaries in cryptocurrencies.

The popularity of cryptocurrencies increased when the la Bitcoinera was introduced to the general public in that region.

Their neighbour El Salvador has proposed to accept BTC as a legal tender very soon. The President said that their adults in the country will receive $30 worth of Bitcoin for free after they have finished setting their account on the cryptocurrency app of the government. 

BTCUSD Conclusion and Projection

The BTC price is in a correction phase of the market and we expect the bitcoin brokers to prepare for another dip buying options for investors as the price dips down.

The COVID-19 virus is on the increase in some countries and the rate at which it is been transmitted easily is of concern to bitcoin brokers, investors, and other market participants. Recently, the EU introduced a new travelling plan for individuals and groups of people coming into the European zones from the USA.

James is based in London ( United Kingdom )
He has been a professional trader for over 5 years.
Currently, he works as forex analyst for different investment companies, and also the main author at USBinaryOptions.com
James S. Martin
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