A Daily Outlook: BTC/USD; Aug 31, 2021

Top 5 Headlines on Digital Currency:

  • A few brave people in Panama are pushing to move a cryptocurrency bill forward as they work to overcome fear and uncertainty from the majority in Congress and the general population – Investing.
  • Texas-based investment manager U.S. Global Investors, which reported $4.6 billion in assets under management as of Q1 2021, has bought exposure to Bitcoin – Investing.
  • United Wholesale Mortgage, the second-largest mortgage lender in the U.S., has announced plans to allow customers to make payments in bitcoin – Investing.
  • Billionaire portfolio manager John Paulson has openly criticized the volatile nature of cryptocurrencies. He advised interested investors to opt for traditional investment assets like gold instead – Reuters.
  • The political atmosphere in El Salvador is just getting worse as the day gets closer when the nation will start adopting Bitcoin as legal tender. Nayib Bukele is now preparing for the day that the Bitcoin Law begins to be mandatory, but protests against the new law are becoming more and more common – Investing.

Technical View:

  • The BTC spikes down sharply in early Asian hours and touches $46,699 mark.
  • The pair made intraday high at $47,322 and low at $46,699 mark.
  • Today a day chart is up but H1 chart with triple EMA suggests bearish Trend for the time being.
  • A sustained close above $47,572 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $46,550 will check further supports.
$46,550 $47,620
$46,030 $48,100
$45,750 $48,550
$45,380 $48,800
$45,020 $49,200

Take a look and do trade wisely!
Good Luck

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