BTC Fails to Find Support Above $46,000 mark, Further downside Pressure Likely; Aug 12, 2021

Top 5 Headlines on Digital Currency:

  • Alternative financial services firm, Valkyrie Digital Assets, has become the latest company to file for a Bitcoin exchange-traded fund (ETF) offering indirect exposure to BTC via cash-settled futures contracts – Investing.
  • San Francisco-based technology firm Metromile has used 10% of the funds it previously said would be allocated towards crypto to buy Bitcoin (BTC) – Investing.
  • Indian bitcoin exchange Unocoin will now allow its users to purchase everyday consumer items such as pizza, coffee, and ice cream in the country using bitcoin, local news outlet News18 reported – Investing.
  • The private investment management firm with $402 billion in assets under management (AUM), Neuberger Berman Group LLC, has revealed the company now has active exposure to cryptocurrencies like bitcoin – Investing.
  • PNC bank, the 5th largest in the U.S, revealed in its newsletter that it has partnered with Coinbase, the U.S’ biggest crypto exchange. The collaboration may come in the form of crypto investment services for PNC clients – Investing.

Technical View:

  • The bitcoin moves in rigid boundaries and consolidates around $45,200 mark.
  • The pair made intraday high at $46,236 and low at $44,835 mark.
  • Today a day chart is up but H1 chart with triple EMA likely to give successful crossover for the bearish trend in short run.
  • A sustained close above $46,900 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $44,800 will check further supports.
$44,800 $46,950
$44,470 $47,200
$44,228 $47,550
$43,640 $47,990
$43,100 $48,320

Take a look and do trade wisely!
Good Luck

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