BTCUSD Weekly Outlook – September 30 , 2021

Last Updated on October 1, 2021

BTC Price Forecast

Introduction

The bitcoin brokers are excited about the BTMs [bitcoin ATMs] and the additional cryptocurrencies added to the system. Pocket Option traders can now have access to Ethereum and other cryptocurrencies on the BTM with ease. 

In the USA alone, results have shown that it has contributed about 85.5% of the global crypto ATM market.

BTCUSD Technical Analysis

Monthly Chart

BTCUSD Monthly Chart - 30th September 2021

Monthly Resistance Levels: 64921, 52923

Monthly Support Levels: 29804, 37144, 45315, 41502

The bullish run of BTC price rose about 77.57% from the support level of 29804 up to the high 52923 for some weeks. If the low of September candle (41502) can hold in weeks to come, we may see the BTC price bounce from the zone to retest the high of September for either a breakout or face rejection. 

If the selling pressure increases, we may see the BTCUSD sellers close below 41502 level exposing the 29804 zones.

 Weekly Chart

BTCUSD weekly Chart - 30th September 2021

Weekly Resistance Levels: 649200, 52739

Weekly Support Levels:  28645, 36800, 39528 , 29333

 

The Bullish dominance at the support level of 29333 could reject the bear’s rally for weeks before the Bulls were able to push the bitcoin price to establish a new high of 52739 after a week of bullish run. 

If the bullish run will continue on the weekly time frame, we need a breakout above the recent high of the chart. Bitcoin brokers are watching the new week, a close below the 39528 level will shift the market bias to a bearish run.

Daily Chart

Daily Resistance 42581, 48000, 52300

Daily Support 36980, 29136, 42498, 29414.

In the daily time frame, the BTC market structure is bearish because of the lower highs and lower lows. Once the recent level of support is taken out, we shall see the price dropping to the low of 29414.

Bitcoin brokers who still have their long positions opened will watch the behavior pattern of traders to see where the bias will shift as the new trading week unfolds. 

Bullish Scenario:

A bullish scenario is expected on the daily chart as Bulls will try to reject the bear’s pressure from the 42722 support zones. If the bullish momentum is held, we shall see the price hit the high of 52739.

 Bearish Scenario:

For the short position of traders to continue their bearish swing, we expect the market structure to breakout below the support level of 42722 if the BTC price must drop lower.

Bitcoin BTC News Events 

US Senators chasing Crypto Regulations 

Some senators in the United State of America in the person of Senator Joni Ernst (R-IA) and Maggie Hassan (D-NH) passed a bipartisan bill intending to speed America up in cryptocurrency regulation. Senator Hassan states the Treasury needs to have a better understanding of digital assets and how it is affecting the global finance.

In her opinion, she wants the security aspect of the novel asset to be looked into, particularly in the recent cybersecurity attacks on colonial pipeline and meat producer JBS as a case study. Her drive with Senator Ernst is to ensure that the US Treasury departments are on top of their game in ensuring the safe use of cryptocurrency and its effects on the supply chains.

The bill aims to create more enlightenment and increase knowledge about cryptocurrency before the legislative comes up with specific regulations. However, the Treasury Department placed sanctions on a Russian-linked cryptocurrency exchange Suex because the exchange assisting cybercriminals in laundering Bitcoin payments received from their defrauded victims. Considering the Joe Biden administration’s plan towards the stable coins, they met with representatives of the cryptocurrency industry some days ago.

BTCUSD Conclusion and Projection

The BTCUSD Bullish run has been sustained over the past 20 days, and the momentum keeps building up. A breakout above the previous resistance of 41500 attracted more bitcoin brokers into the BTC market. The key areas on the chart are significant for the bitcoin brokers, investors, and traders, as BTC (bitcoin) is breaking through key resistance zones or it reverses from the resistance levels. 

From historical reports, effective vaccines have used replicating viruses to elicit lifelong immunity. Report from the COVID-19 briefing and Health weekly states that Johnson & Johnson and AstraZeneca COVID19 vaccines used non-replicating adenovirus and do not contain an adjuvant in their developed dose of the vaccines. 

However, Pfizer and Moderna messenger RNA Covid-19 vaccines do not contain any virus at all and it works differently. Those viruses or bacteria which mutate to escape the body’s immune response are harder to control according to researchers.

James S. Martin
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