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What Bitcoin is all about? Let’s Learn and Trade; July 12, 2021

What Bitcoin is all about? Let’s Learn and Trade; July 12, 2021

Bitcoin is the first and most accepted cryptocurrency in terms of trading volume and market capitalization. The first proposed in a white paper published online in 2008 by Satoshi Nakamoto. The key feature of bitcoin is that it is decentralized. This decentralized network is completely transparent and all transactions can be read on the blockchain. At the same time it offers privacy in terms of who owns the cryptocurrency.

Ticker symbols used to represent bitcoin is BTC, usually traded against U.S. dollar only. Bitcoin prices are primarily affected by its supply, the market’s demand for it, availability, and competing cryptocurrencies. Just as equity investors trade stocks over indexes, cryptocurrency investors trade cryptocurrencies over exchanges. The increased demand and limited supply push the price per bitcoin upward. Also, more institutions are investing in bitcoin and accepting it as a form of payment, thereby increasing its utility and making it a preferred medium of exchange among consumers.

Technical View:

BTC/USD:

  • The Bitcoin starts a new week on a volatile note and remains well supported above US$34,000 mark.
  • The pair made intraday high at US$34,677 and low at US $34,047 marks.
  • The triple EMA on a day chart is bearish while H1 chart confirms up trend in short run.
  • A sustained close above US$34,500 requires for the upside rally.
  • Alternatively, a consistent close below US$34,000 will check further resistances.
SUPPORTS RESISTANCES
US$34,000 US$34,680
US$33,740 US$35,005
US$33,100 US$35,260
US$32,980 US$35,470
US$32,750 US$35,720

 

Take a look and do trade wisely!
Good Luck

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