A Short Term Outlook: BTC/USD; July 28, 2021

Bitcoin jumps back above $40,000 mark and touches $40,400 mark in early Asia. The parity faces immediate resistance at $40,500 mark and key support at $37,650 mark.

Top 5 Headlines on Digital Currency:

  • CEO of crypto derivatives exchange Sam Bankman-Fried drew angry reactions from the crypto community after he singled out Bitcoin and Ethereum, stating that they were the most energy-consuming blockchains in the space – Investing.
  • Pennsylvania based Bitcoin mining firm Stronghold Digital Mining has filed for a $100 million Initial Public Offering (IPO) with the United States Securities and Exchange Commission (SEC) – Investing.
  • The International Monetary Fund (IMF) has warned against adopting cryptocurrencies, like bitcoin, as legal tender. Noting numerous risks and costs involved, the IMF does not see crypto assets catching on as a national currency.
  • Market strategist Michael Lee says that he sees bitcoin reaching new all-time highs – Investing.
  • FII are still bullish on BTC – Survey – Investing.

Technical View:

  • The bitcoin hovers around $40,000 mark on Wednesday.
  • The pair made intraday high at $40,393 and low at $38,895 mark.
  • Today a day chart is bearish but H1 chart with triple EMA confirms bullish trend in short run. Important to note here that a day chart is likely to give successful crossover for the bullish trend confirmation.
  • A sustained close above $40,596 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $36,553 will check further supports.
$35,280 $40,596
$34,700 $40,790
$34,150 $40,911
$33,940 $41,050
$33,600 $41,323

Take a look and do trade wisely!
Good Luck

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