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SpanishBitcoin back above $31,000 mark, does this upside rally continue or just a short term trend reversal?; July 21, 2021
Bitcoin takes reversal from the fresh 1 – month low of $29,296 to $31,600 (High till 1030 GMT) mark.
Top 5 Headlines on Digital Currency:
- Just hours before the highly-anticipated event in which Jack Dorsey and Elon Musk will discuss Bitcoin, the asset’s price has bounced off and reclaimed $31,500 – Marketwatch.
- The latest reports reveal that Ark Invest has acquired more than 310,000 shares of the Grayscale Bitcoin Trust (GBTC) on July 19 worth almost $8 million – Investing.
- New data from Cambridge University shows that the geography of Bitcoin mining has drastically changed over the last six months in the wake of China’s massive crackdown – Investing.
- CEO of digital currency company Foundry, Mike Colyer, confirmed that it had been a big plus for Bitcoin – Investing.
- Georgia is just one of many developing countries which would benefit from the adoption of Bitcoin – Investing.
Technical View:
- Bitcoin recovers from the previous losses and jumps back above $31,000 mark..
- The pair made intraday high at $29,500 and low at $31,600 mark.
- Today a day chart is bearish but H1 chart with triple EMA confirms bullish trend in short run.
- A sustained close above $31,800 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $29,400 will check further supports.
| SUPPORTS | RESISTANCES |
| $29,276 | $31,800 |
| $28,985 | $32,230 |
| $28,622 | $32,450 |
| $28,411 | $32,780 |
| $28,222 | $33,050 |
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