BTCUSD Weekly Outlook and Bitcoin Fundamentals, 6th August 2021
BTCUSD Forecast and Fundamentals for BTC
Introduction
The Indian government announced plans to introduce its own digital currency soon known as e- RUPI. The cashless and digital payment system will be on mobile phones in form of a QR code or SMS string, there will be no physical interface between the beneficiaries, sponsors, and service providers.
This is a welcome development for cryptocurrency brokers as more countries are embracing blockchain technology.
BTCUSD Technical Analysis
Monthly Chart
Monthly Resistance Levels: 65000, 42652, 47251, 59577
Monthly Support Levels: 47251, 20000, 28671.
The bitcoin price has not seen a strong bullish rally as it did during the COVID-19 crisis that held the global economy. However, the pandemic has opened up opportunities for the general acceptance of the number one digital currency and the technology behind the assets, also including other cryptocurrencies.
The recent Bulls rally from the support zone of 28671 may be the resumption of the long-positioned traders if can close above the resistance zone of 42652 as the July candle closes. The Indian brokers will need to see the retest of the support zone for a rejection of price before going for long position trades.
If the bearish move should close lower than the 28671 zones the short trends continue because the market structure will favor the short position traders.
Weekly Chart
Weekly Resistance Levels: 46989, 42632, 43530
Weekly Support Levels: 28603, 36670,
A new week has started on a bearish note after the bitcoin price entered the resistance zone of 43530 as the previous week ended with a bullish momentum having seen a massive move from the low of 28603. The short position traders are expecting the price to move and close below the 28603 supports for another bearish swing because the market structure still favors a bearish trend.
The sellers are of the opinion that the price just retested a support level that has now turned into a resistance level that favors a bearish swing.
However, if the bulls can hold the 36670 and 28603 zones, we may see the uptrend come to play if the long position traders can close above the 46989 resistance zones for the uptrend to resume.
Daily Chart
Daily Resistance Levels: 46989 42614
Daily Support Levels: 28230, 36802, 29269
The BTCUSD pair has not enjoyed a series of bullish run for days as it did towards the end of July. Records from some analysis show that bitcoin miners have seen about a 30% rise in revenue as Hash crash recovery continues after the China exodus. China has also announced that it will launch a regulated digital currency, the news has raised an eyebrow among critics.
On the daily chart, if the short position traders can take out the buyers to close lower, we may see the bitcoin price moving lower below the 28671 zone. However, the buyers holding their positions need to see prices above the 46989 levels for the buying momentum to continue.
Bullish Scenario:
The Bullish engulfing candle from the 28671 zone shows a strong momentum for the buyers and if the price should continue to find another support at the 36670 zone, we may see bitcoin price rise above the 42652 level.
Bearish Scenario:
The sellers have seen how the buyers dominated the market throughout last week. If they must control the market, sellers have to push back the price below the 36670 and 28798 zones.
Bitcoin BTC News Events
GERMAN LUXURY BRAND ACCEPTS DIGITAL CURRENCIES
A well-known luxury fashion brand known as Philipp Plein announced it is accepting digital currencies as a payment means for its flamboyant and garish products. Philipp Plein was able to reach about 2 million on his followers through his Instagram page. He is known for his in-you-face attitude and extravagant antics which match with his outfits. Some of his clients include Naomi Campbell, Floyd Mayweather, and Paris Hilton among other clients.
The German company is in partnership with a crypto payments company Coinfy that was acquired by Voyager Digital a broker that paid about $84 million for its acquisition. Philipp Plein says he is a cryptocurrency investor and a digital asset in the future. However, he is the first major luxury brand to accept cryptocurrencies, but there are other bigger competitors who are already accepting digital currency.
Bitcoin in Green
SkyBridge Capital is of the opinion that Bitcoin holding should be green. Anthony Scaramucci bought carbon credit from an environmental platform MOSS. He bought about 38000 MCO2 tokens and each is representing one ton of CO2 emissions. He sees carbon credit as a viable solution for making the bitcoin network greener which will interest ESG-mined investors.
Quiznos and Bakkt deal
Quiznos a restaurant and a fast-food sandwich chain accepts bitcoin payments after entering into an agreement with Bakkt. Quiznos customers can use the Bakkt app to buy bitcoin, and they are rewarded with $15 worth of Bitcoin for their participation.
The reason for their partnership is the fact that bitcoin is accepted directly at the point of sale for a quick and seamless transaction.
If the business should record success the payment option will be introduced to other locations of Quiznos across the country if it is efficient in Denver, Colorado, and Denver airport according to Sheela Zemlin Bakkt Chief Revenue officer.
BTCUSD Conclusion and Projection
Recently, the WHO (World Health Organization) announced that there’s a spike in the COVID-19 infection rate in China, therefore, travelers need to be aware of the situation. The need for compulsory vaccination is on the rise and wearing face masks to help reduce the spread of the virus.
A BTCUSD breakout from either the key resistance levels or support zones will actually tell the Indian broker and traders the next direction of bitcoin.
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