The BTC/USD pair started the week with an explosive growth and rose above the 39000.00 mark.
Bitcoin forecast, and the BTC/USD exchange rate for today and 27 - 28 - 29 July 2021
The strengthening of the instrument's positions began last Wednesday against the background of new comments by the head of Tesla Inc. Elon Musk. He stated that since BTC mining is increasingly relying on renewable energy sources, his company may again start accepting this cryptocurrency as a means of payment. Musk also confirmed that the companies Tesla Inc. and Space Exploration Technologies Corp. (SpaceX) own BTC, and the entrepreneur himself also has ETH and DOGE.
Experts explain the sharp increase in the price of Monday by the liquidation of short positions in the amount of $111 million, which occurred within just 10 minutes. The sudden strengthening of BTC positions may return interest in cryptocurrencies from short-term speculators, but the external background remains unfavorable for the digital asset market. The main threat is still the prospect of tightening monetary policy in the United States. In this case, the blow will be dealt to the entire complex of alternative assets, including cryptocurrencies.
Support and resistance levels
Currently, the price has adjusted downwards and is trading around 38000.00 within the framework of the cryptocurrency forecast. If fixed above the level of 39062.50 (Murray [5/8]), growth may resume to the levels of 40625.00 (Murray [6/8]), 42187.50 (Murray [7/8]) and 43750.00 (Murray [8/8]). The key for the "bears" is seen at the level of 35937.50 (Murray [3/8]). Its breakdown downwards will ensure that the price returns to the levels of 32812.50 (Murray [1/8], the middle line of the Bollinger bands), 31250.00 (Murray [0/8]).
Technical indicators do not give a single signal: the Bollinger bands are turning up, the MACD histogram is preparing to move into a positive zone and form a buy signal, and the Stochastic is turning down in the overbought zone.
Resistance levels: 39062.50, 40625.00, 42187.50, 43750.00.
Support levels: 35937.50, 32812.50, 31250.00.
Thus, the bitcoin forecast, and the BTC/USD exchange rate for today at 27 - 28 - 29 July 2021, short positions can be opened below the level of 35937.50 with goals of 32812.50, 31250.00 and a stop loss in the area of 37400.00. Implementation period: 5-7 days.
Long positions can be opened above the level of 39062.50 with goals of 40625.00, 42187.50, 43750.00 and a stop loss in the area of 38000.00.