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August 6, 2021

The Bitcoin Back in Power, Touches $41,200 mark in Early European Session; Aug 6, 2021

Top 5 Headlines on Digital Currency:

Melanion Capital, a France-based investment firm that claims to offer clients top-notch asset management services with its strong quantitative and derivatives expertise, has received approval from French regulators to launch its bitcoin equities ETF – Investing.
The White House weighed in – somewhat out of the blue – on a contentious battle over competing crypto amendments to the $1 trillion infrastructure bill – Investing.
JPMorgan Chase quietly opened up access to six crypto funds over the past three weeks as it looks to offer crypto exposure to a variety of clients – Investing.
Fidelity’s director of global macro, Jurrien Timmer, has shared some perspective on bitcoin’s price action by comparing it to gold during the 1970s, and noted charts suggest the cryptocurrency’s bullish phase may not be over – Investing.
On-chain crypto analytics firm CryptoQuant has revealed on social media that earlier this month a total of $131 billion worth of bitcoin were moved in a single day, with only 1% of that amount being deposits and withdrawals to cryptocurrency exchanges – Investing.

Technical View:

The bitcoin spikes up followed by bullish market sentiments on BTC.
The pair made intraday high at $41,211 and low at $39,879 mark.
Today a day chart and H1 chart with triple EMA confirms bullish trend in short run.
A sustained close above $41,400 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $40,050 will check further supports.

SUPPORTS	RESISTANCES
$39,800	$41,400
$39,510	$41,550
$39,150	$41,890
$38,890	$42,100
$38,720	$42,620

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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