CRYPTONAIRE WEEKLY MAGAZINE 189TH EDITION IS OUT NOW
The #1 CRYPTO TRADING MAGAZINE
WEEKLY TOP TRADES, TOP PROJECTS AND MARKET UPDATES
Bitcoin had an eventful first half in 2021. Institutional adoption boosted its price above £47,000 in mid-April but the law of gravitation pulled the price down to £20,000 in mid-May, a 57% drop from the highs. Since then, the price has remained range-bound. The big question troubling investors is whether the downtrend is over or is there one more leg down.
OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE ARE WORLD MOBILE TOKEN: USING BLOCKCHAIN TO CONNECT THE UNCONNECTED & A COMPREHENSIVE GUIDE TO THE SOMEE.SOCIAL PLATFORM
Bitcoin is currently stuck between the 50-day simple moving average (SMA) and £23,620. Although the bulls pushed the price above the 20-day exponential moving average(EMA) on July 4, they could not clear the hurdle at the 50-day SMA. This shows that the bears are not ready to throw in the towel yet.
If bears pull the price below £23,620, the BTC/GBP pair could retest the critical support at £21,000. Repeated retest of a support level tends to weaken it. A break below £21,000 could result in panic selling and the pair could plummet to £15,000.
Therefore, traders who had purchased on the rebound off £21,000 as suggested in our earlier analysis may trail their stops to breakeven.
The flattish 20-day EMA and the bullish divergence on the relative strength index (RSI) indicate a minor advantage to the bulls.
If the price rebounds off £23,620, the bulls will make one more attempt to drive the price above the 50-day SMA. If they succeed, the pair could start its journey toward the £30,000 to £31,005 overhead resistance zone.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Featuring in this weeks Edition:
- Ferrum Network
- World Mobile Network
- The Coop Network
- Somee Social
CRYPTO TRADE OPPORTUNITIES
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