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SpanishWhat to Expect from BTC? A Sustained Close of Key Hurdle Either $39,500 OR $38,250 Will Decide Future Path; Aug 03, 2021
Bitcoin weakens on Tuesday and slips below $38,000 mark. Inverted Hammer pattern has been observed on a Daily Chart which confirms bearish trend reversal In short period.
Top 5 Headlines on Digital Currency:
- Bank of America has outlined some benefits to be had from adopting bitcoin as legal tender in El Salvador. The opportunities include low-cost remittances, financial digitization, more choices, and greater investments from foreign companies – Investing.
- Marathon Digital Holdings confirmed an agreement to buy 30,000 Bitcoin miners, at a total cost of almost $121 million, from Chinese manufacturer Bitmain – Investing.
- High-net-worth Wells Fargo clients can now get Bitcoin & crypto exposure, a company spokesperson informed Business Insider, making Wells Fargo the latest in a long line of traditionally conservative financial institutions to venture into Bitcoin – Investing.
- Saudi Aramco was rumored to be participating in Bitcoin mining activities but the company has come out publicly to refuse such claims while maintaining its interest in blockchain – focused businesses – Investing.
- Enterprise technology provider NCR (NYSE:NCR) Corporation has announced an agreement to buy LibertyX, the company that launched one of the first retail Bitcoin ATMs – Investing.
Technical View:
- The bitcoin slips below $38,000 mark and depreciates gradually.
- The pair made intraday high at $39,792 and low at $37,966 mark.
- Today a day chart is up but H1 chart with triple EMA confirms bearish trend in short run.
- A sustained close above $39,500 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $38,250 will check further supports.
| SUPPORTS | RESISTANCES |
| $38,250 | $40,100 |
| $37,840 | $40,596 |
| $37,620 | $40,799 |
| $37,400 | $40,996 |
| $37,080 | $41,230 |
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