A Daily Outlook: BTC/USD; Aug 05, 2021

Top 5 Headlines on Digital Currency:

  • A private Bitcoin (CRYPTO: BTC) fund is now reportedly in the works at JPMorgan Chase & Co even though its CEO Jamie Dimon has been less than enthusiastic about the apex cryptocurrency in the past – Investing.
  • Hedge fund manager Ray Dalio says he’s still bullish on Bitcoin – Investing.
  • Grayscale Investments plans to convert its largest fund – the Grayscale Bitcoin Trust to a Bitcoin exchange-traded fund, despite the unfavorable odds prevailing in the market – Investing.
  • The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has outlined how the SEC plans to regulate the crypto industry – Investing.
  • Nigeria Has Become a Major Bitcoin Haven – Investing.

Technical View:

  • The bitcoin trades marginally lower and stabilizes below $39,000 mark..
  • The pair made intraday high at $39,857 and low at $38,705 mark.
  • Today a day chart and H1 chart with triple EMA confirms bullish trend in short run.
  • A sustained close above $39,850 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $38,200 will check further supports.
$38,200 $40,100
$37,955 $40,596
$37,610 $40,799
$37,450 $40,996
$37,080 $41,230

Take a look and do trade wisely!
Good Luck