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SpanishA Daily Outlook: BTC/USD; Aug 02, 2021
Bitcoin soared over the weekend and touched $42,615 mark but failed to find support above $42,000 mark. The pair is currently trading around below $40,000 mark. The long term view looks bullish only as current downside movement is short term trend correction only.
Top 5 Headlines on Digital Currency:
- New York-based asset management firm GoldenTree has reportedly added Bitcoin to its balance sheet, though the amount of this supposed investment remains unknown – Investing.
- Bank of America, one of the nation’s largest financial institutions based on total assets, believes El Salvador could have a lot to gain with its latest foray into Bitcoin – Investing.
- Bank of America – El Salvador’s decision to recognize BTC as legal tender could streamline remittances, promote financial digitization, provide consumers with greater choice and open up the country to American firms and digital currency miners – Investing.
- MicroStrategy pledges to buy more BTC despite paper loss on its holdings in Q2 – Investing.
- Beginning on August 2, 2021, German institutional funds will be able to hold up to 20% of their assets in cryptocurrencies, possibly setting the stage for wider mainstream acceptance of Bitcoin (BTC) and other crypto assets by the Nation’s Pension Funds – Investing.
Technical View:
- The bitcoin moves in rigid boundaries and stabilizes below $40,000 mark.
- The pair made intraday high at $40,106 and low at $39,217 mark.
- Today a day chart is up but H1 chart with triple EMA confirms bearish trend in short run.
- A sustained close above $40,260 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $39,500 will check further supports.
| SUPPORTS | RESISTANCES |
| $39,200 | $40,596 |
| $39,050 | $40,799 |
| $38,730 | $40,911 |
| $38,477 | $41,050 |
| $38,100 | $41,400 |
Take a look and do trade wisely!
Good Luck
TP Global FX Research Team
With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills