FX.co ★ Technical Analysis of BTC/USD for September 7, 2021

Crypto Industry News:

According to reports, the United States National Football League (NFL) has banned all teams and members from sponsoring and advertising related to cryptocurrencies, as well as selling NFT tokens.

According to a press report, the NFL has limited sponsorship sales to cryptocurrency and NFT trading companies until the league establishes a strategy "for digital sports trading cards and art." The new guidelines were made available by an anonymous NFL member familiar with the case:

"Clubs are prohibited from selling or otherwise authorizing club-controlled media to advertise certain cryptocurrencies, ICOs, sale of other cryptocurrencies, or any other category of media in relation to Blockchain, Digital Assets, or Blockchain Company, except as provided in this policy."

Going against the NFT and token sales trends from top football teams such as PSV Eindhoven, Manchester City and Arsenal, as well as the National Basketball Association, the NFL has at least ruled out the creation or sale of team NFTs for the time being.

An NFL official reportedly said teams would be able to discuss sponsorship deals with "investment advice and / or fund management services" related to cryptocurrencies if their advertising sponsorship rights are limited to promoting the company's corporate brands.

Technical Market Outlook

The BTC/USD pair keeps making new higher highs and the last one was made at the level of $52,909. The next target for bulls is seen at $59,506, but the market conditions remains extremely overbought and there is a Doji candlestick pattern at the top of the last wave up. The nearest technical support is seen at $50,456, but the intraday support is seen at $51,457. The short-term outlook remains bullish and there is no up trend reversal indication on the higher time frame chart yet.

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).