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A Daily Outlook: BTC/USD; Aug 02, 2021

Bitcoin soared over the weekend and touched $42,615 mark but failed to find support above $42,000 mark. The pair is currently trading around below $40,000 mark. The long term view looks bullish only as current downside movement is short term trend correction only.

Top 5 Headlines on Digital Currency:

 

  • New York-based asset management firm GoldenTree has reportedly added Bitcoin to its balance sheet, though the amount of this supposed investment remains unknown – Investing.
  • Bank of America, one of the nation’s largest financial institutions based on total assets, believes El Salvador could have a lot to gain with its latest foray into Bitcoin – Investing.
  • Bank of America – El Salvador’s decision to recognize BTC as legal tender could streamline remittances, promote financial digitization, provide consumers with greater choice and open up the country to American firms and digital currency miners – Investing.
  • MicroStrategy pledges to buy more BTC despite paper loss on its holdings in Q2 – Investing.
  • Beginning on August 2, 2021, German institutional funds will be able to hold up to 20% of their assets in cryptocurrencies, possibly setting the stage for wider mainstream acceptance of Bitcoin (BTC) and other crypto assets by the Nation’s Pension Funds – Investing.

Technical View:

  • The bitcoin moves in rigid boundaries and stabilizes below $40,000 mark.
  • The pair made intraday high at $40,106 and low at $39,217 mark.
  • Today a day chart is up but H1 chart with triple EMA confirms bearish trend in short run.
  • A sustained close above $40,260 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $39,500 will check further supports.
SUPPORTS RESISTANCES
$39,200 $40,596
$39,050 $40,799
$38,730 $40,911
$38,477 $41,050
$38,100 $41,400

 

Take a look and do trade wisely!
Good Luck

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