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FX.co ★ Technical Analysis of BTC/USD for July 29, 2021

Technical Analysis of BTC/USD for July 29, 2021

Crypto Industry News

Senator and former US presidential candidate Elizabeth Warren believes the digital asset industry can be a tool to deal with some of the challenges in the traditional financial system.

The well-known crypto skeptic looks to have changed the rhetoric towards the industry. In a TV interview on Wednesday, she said digital currencies could be a tool for those without a bank account:

"Banks have failed to reach consumers across the country. Digital currency and CBDC may be the answer to this situation."

The senator emphasized that the existing financial system has many problems. She suggested that some cryptocurrency solutions could be a potential cure for these problems.

"We need to look at the crypto project to see where it could be better, but also to see where it might be a risk to the system," Warren said.

Warren's latest comment on cryptocurrencies came shortly after the senator described cryptocurrency players and enthusiasts as "a dark, faceless group of supercoders and miners."

Technical Market Outlook:

The BTC/USD pair tries to resume the local up trend, but for now the rally paused around the level of $40,500, just below the key supply zone. If the level of $40,890 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).

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Technical Analysis of BTC/USD for July 29, 2021

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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