Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for July 1, 2021

Crypto Industry News:
Soros Fund Management, the private investment firm of billionaire George Soros, intends to trade bitcoin as part of wider digital asset exploration.

According to two sources familiar with the case, Dawn Fitzpatrick, CIO Soros Fund Management, has given the go-ahead to trading "bitcoin and possibly other cryptocurrencies" in the past few weeks.

People who have commented on this subject with anonymity stated that Dawn Fitzpatrick and her team have been researching the cryptocurrency industry for some time and that the current venture is definitely more than just a cursory overview of the market.

In addition, Fitzpatrick is also said to be talking about the possibility of investing in well-known blockchain-based organizations; however, the company did not disclose which companies it may be referring to.


Technical Market Outlook:
After the BTC/USD pair was capped at 61% Fibonacci retracement located at the level of $36,610, the bears managed to push the prices back under the technical support seen at $33,602. The momentum is decreasing and it is hovering around the neutral level of fifty points. Any violation of the level of $32,565 will likely push the momentum back into the negative territory. The key mid-term technical support is still located at $29,187.

Weekly Pivot Points:
WR3 - $42,645
WR2 - $39,211
WR1 - $35,772

Weekly Pivot - $32,390
WS1 - $29,147
WS2 - $25,680
WS3 - $22,298


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).







Sebastian Seliga
Analytical expert
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