Technical Analysis of BTC/USD for August 3, 2021

Crypto Industry News:

GoldenTree Asset Management has become another US asset management company that has decided to add BTC to its balance sheet.

Thus, another big player became interested in the cryptocurrency market, which may affect many other companies making a similar decision. GoldenTree currently manages assets with an estimated value of $ 45 billion.

In the case of GoldenTree Asset Management, the purchase of BTC is to be a way to diversify the investment portfolio. Established in 2000, the company has so far focused primarily on loans. Now, however, it wants to expand its investments, and in addition to introducing bitcoins to the company's balance sheet, it is reportedly considering hiring cryptocurrency investment specialists. The person responsible for managing GoldenTree Asset Management remains its founder, Steven Tananbaum.

According to the survey, a similar step may be taken by the Marshall Wace fund, which manages assets worth $ 55 billion.

Technical Market Outlook:

The BTC/USD pair rally above the $40,000 had been terminated at the level of $42,404 and the bears had managed to push the price out of the ascending channel towards the technical support seen at the level of $38, 261. There is a clear negative divergence between the price and momentum oscillator at the H4 time frame chart, so the pull-back might deepen towards the next technical support seen at the level of $36,551. Please keep an eye on the market reaction around the supply zone, because one violated will act as the technical support zone on the bulls way towards the next target seen at $46,371.

Weekly Pivot Points:

WR3 - $53,201

WR2 - $47,804

WR1 - $45,105

Weekly Pivot - $39,794

WS1 - $37,184

WS2 - $31,598

WS3 - $29,174

Trading Outlook:

The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $47,000. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).

analytics6108ed5795016.jpg

The material has been provided by InstaForex Company - www.instaforex.com

from RobotFX
- Need a custom expert advisor?
- Try the Complex Trader EA.

Share this:

Forward
Backward