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SpanishA Quick Outlook – BTC/USD; July 14, 2021
A Quick Outlook: BTC/USD
Bitcoin sinks drastically and hits fresh 3 – week low at $31,663 mark. Yesterday U.S. released inflation data with higher than expected numbers and today also U.S. Fed Chair Powell’s Testimony is scheduled to give further extreme volatility to the parity.
Key Headlines on Digital Currency:
- The European Central Bank is coming up to create a digital version of the Euro – Investing.
- The research revealed that 1 in 3 Australians (35%) believe bitcoin will eventually be transacted more than fiat (traditional) currency – Investing.
- It’s not yet known whether Binance’s recent news of being temporarily suspended from the U.K.’s Financial System is the main driver behind recent Bitcoin (BTC) price dropped – Investing.
Technical View:
- Today bitcoin trades drastically lower and stabilizes below $32,000 mark.
- The pair made intraday high at $32,801 and low at $31,663 mark.
- Today a day chart and H1 chart with triple EMA confirms further down trend in short run.
- A sustained close above $32,740 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $31,800 will check further supports.
| SUPPORTS | RESISTANCES |
| $31,600 | $32,800 |
| $31,433 | $33,110 |
| $31,220 | $33,290 |
| $30,082 | $33,570 |
| $29,840 | $33,740 |
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