FX.co ★ Technical Analysis of BTC/USD for September 18, 2023

Crypto Industry News:

Robert Kiyosaki once again praised cryptocurrencies. He said they were "the future." In contrast, he characterized fiat money as counterfeit.

The famous author of books on financial intelligence has re-entered the topic of cryptocurrencies. On social media platform X, Kiyosaki noted that a "big cryptocurrency conference" was taking place in Singapore. He emphasized his "excitement," adding that "cryptocurrencies are the future." He added that fiat money is fake money.

Kiyosaki has long been warning that the days of fiat currencies are numbered. He consistently calls them, including the US dollar, fake money. In his opinion, gold and silver are "God's money", while bitcoin is "the people's money".

In July, Kiyosaki also told his fans that a gigantic economic meltdown was ahead of us. Moreover, the end of the US dollar is approaching. In turn, in February he also predicted a serious economic deterioration that would force the Federal Reserve to print billions of "counterfeit money." Moreover, he expects that confidence in the US dollar will eventually be completely destroyed.

Technical Market Outlook:

The BTC/USD pair has bounced from a new swing low at the level of $25k and made a new local high at the level of $26,888. The bulls had bounced from the technical support located at the level of $26.444 and are ready to move even high. The momentum is strong and positive on the H4 time frame chart, so the bulls are temporary in charge of the market. The technical support is seen at the level of $25,000 and the intraday technical resistance is seen at the level of $26,888.

Weekly Pivot Points:

WR3 - $27,226

WR2 - $26,918

WR1 - $26,783

Weekly Pivot - $26,570

WS1 - $26,435

WS2 - $26,222

WS3 - $25,875

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.