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Daily Bitcoin and Crypto Analysis

Daily BTC Analysis

July 24, 2021
On the day in which we witnessed the opening ceremony of the Olympics, which only comes around every 4 (well.... 5 years), Bitcoin rallied for a 3rd consecutive day, holding $31,000 and $30,000 as support and targeting $36,000. Bitcoin's 24-hour high was $32,915 and 24-hour low, $31,708.

The U.S. 10-year treasury bond yielded 1.28%, +1 bp, with the Dow +100, up 0.32% in pre-market, at the time of writing.

Chinese Tech shares in HK pulled back amid concerns over increased regulation, weighing on Asia-Pacific markets.

Technical Analysis

The X-A-B-C-D pattern complete and bullish engulfing candle highlighted yesterday has seen a follow through in buying today. The RSI and MACD are showing green shoots.

Supports at $31,000 and $30,000 held overnight, but to really turn bullish, we must see a retest of the congestion zone between $28,700 and $30,000. Be weary of a fake-out at the lower levels and only reassess long positions upon a close below $27,000. We'll be buying the dips.

Mini bull runs continue for day traders. The uptrend line is steep and can be easily broken for a back test of recent lows. On the topside, we see overhead resistance at $33,330, $35,020, and $35,950, respectively.

This Chart still looks bearish, with MACD and RSI showing negative momentum on a weekly basis.

A candle close above $35,000 is required to turn this chart bullish.

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