FX.co ★ Technical Analysis of BTC/USD for July 28, 2021

Crypto Industry News:

During yesterday's press conference, Binance chief Chanpeng Zhao declared that the stock exchange is increasing efforts to regulate its operations in all corners of the world.

Binance held an hour-long press conference, and Zhao himself shared some important comments afterwards. In tweets, we read about the path that Binance is taking on its way to global compliance through talks with various regulatory authorities.

One of these problems is that Binance is not based. Zhao said regional hubs would be set up shortly to provide regulators with a structure "very easy to understand".

"We will continue to adapt to the new regulations to best serve our users. So what are we actually doing? " The first answer to this question was that Binance has started the licensing and approval process where there is already a legal framework for cryptocurrency exchange. Zhao declared that such work is already done in Asia and the Pacific, Latin America, Europe, the Middle East and Africa. "We will be actively working with regulators as we introduce a more specific cryptocurrency framework."

Technical Market Outlook:

The BTC/USD pair has bounced from the local low made at the level of $36,336 and is trying to resume the local up trend. If the level of $40,454 is violated, then the next target for bulls is seen at the level of $41,794 and $43,159. Those two levels are part of the key supply zone, so please be prepared for an increased bearish activity at this area. The technical support is located at the level of $36,336.

Weekly Pivot Points:

WR3 - $42,519

WR2 - $38,542

WR1 - $36,989

Weekly Pivot - $33,120

WS1 - $31,521

WS2 - $27,666

WS3 - $26,112

Trading Recommendations:

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. Any correction or local pull-back should be used to open the buy orders. 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).