FX.co ★ Technical Analysis of BTC/USD for September 15, 2021

Crypto Industry news:

Eurex, a derivatives exchange owned by the German Deutsche Boerse, made its debut in trading cryptocurrency instruments with the launch of Bitcoin ETN Futures, developed by the London-based ETC Group.

The Euro-nominated Bitcoin ETN Futures is based on the ETC Group's flagship product, the centrally cleared Bitcoin (ETP) exchange product known as BTCetc Physical Bitcoin (BTCE). The futures contract allows traders to track Bitcoin's price movements in a regulated environment. It will be physically delivered in BTCE which is 100% Bitcoin secured and can be instantly converted by any investor to the base BTC.

ETC Group CEO Bradley Duke noted that the latest offering represents another important milestone in providing institutions with financial products that enable exposure to cryptocurrencies on regulated exchanges.

The listing of Bitcoin ETN Futures on Eurex came more than a year after the ETC Group listed its BTCE ETP product on Xetra, a large digital stock exchange operated by Deutsche Boerse. ETP is currently listed on many European exchanges, including the SIX Swiss Exchange.

In July, the ETC Group announced that BTCE would be carbon neutral, offsetting its carbon footprint through hand-selected carbon credits to offset the carbon emissions associated with BTCE's Bitcoin mining.

Technical Market Outlook

The BTC/USD pair has broken above the level of $46,371, so the road towards $50k is now open. The local high was made at the level of $47,425. The bears have control over the market and are pushing the price lower towards the lows of September 7th located at $43,159, but the bulls are fighting back. The nearest technical support is seen at the level of $46,371 and $46,719. Only a sustained breakout above the level of $46,719 would change the short-term outlook to bullish.

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).