A Daily Outlook: BTC/USD; Aug 24, 2021

Top 5 Headlines on Digital Currency:

  • Cryptocurrency trading is accessible to anyone, regardless of location or their current access to financial services. However, few platforms are able to functionally cater to a global audience due to regulatory constraints – Investing.
  • The President of El Salvador Nayib Bukele has revealed the structure for the upcoming implementation of the Bitcoin Law on September 7th, with the Chivo wallet app also available for download on the same day – Investing.
  • As part of its move to make bitcoin legal tender, El Salvador will open 200 ATMs and 50 kiosks to allow its citizens to convert Bitcoin (BTC-USD) into U.S. dollars and then withdraw those dollars for cash starting Sept. 7, President of El Salvador Nayib Bukele said in a tweet – Investing.
  • Major publicly-listed Bitcoin mining firm, Riot Blockchain (NASDAQ:RIOT), has reported record revenues for Q2 2021 – Reuters.
  • The CEO of software intelligence company MicroStrategy also said that people underestimate bitcoin and overestimate everything else in the blockchain and cryptocurrency industries – Investing.

Technical View:

  • The BTC fails to find support above $50,500 mark and consolidates around $50,000 mark.
  • The pair made intraday high at $49,893 and low at $48,765 mark.
  • Today a day chart and H1 chart with triple EMA suggests bullish Trend for the time being.
  • A sustained close above $50,500 on H1 chart requires for the upside rally
  • Alternatively, a consistent close below $48,100 will check further supports.
$49,000 $50,720
$48,650 $51,080
$48,420 $51,420
$48,100 $51,710
$47,680 $52,200

Take a look and do trade wisely!
Good Luck

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