27.07.202109:20 Forex Analysis & Reviews: Technical Analysis of BTC/USD for July 27, 2021

Crypto Industry News:

General Manager Man Group, Luke Ellis, said in an interview that cryptocurrencies are worthless, but give their owners amazing opportunities in the context of trading.

According to the interviev, Ellis does not believe the internal value of digital currencies. The entire cryptocurrency market looks like an infamous tulip euphoria from the 17th century:

"Much of the Crypto Market Action Involves Participants That Doubt Their Ultimate Utility, According to The Chief Executive of the World's largest Listed Hedge Fund Manager" - We Read.

Ellis said that the vast majority of investors involved in the cryptographic markets fully understand that the digital coins are worthless in terms of "ultimate" usefulness.

Both Ellis and its team admit that the cryptocurrencies give investors lucrative trading capabilities that result from "wild" fluctuations in digital asset prices.

MAN Group trades, among other things, cryptosals. Well known for the revolutionary research in the context of the quantitative models of MAN Group's price anomalies. Does not lose the opportunity to earn crypto on fluctuations.

Cryptosalites do not look for Luke Ellis like a full investment product that provides any value to investors. It is interested in Blockchain as a technology that can increase the performance of payment systems. However, this does not affect the value of BLOCKCHAIN: For the Director General MAN Group, they are exclusively as trading instruments.

Technical Market Outlook:

The BTC/USD pair has broken out of the trading range and made a local high at the level of $40,514. Nevertheless, the bears were active at this level, made a Bearish Engulfing candlestick pattern and pushed the price back under the technical resistance seen at $39,413. All the Fibonacci retracement levels had been violated as well and if the momentum will keep going up, then the next target for bulls is seen at the level of $41,749. The key short-term support is seen at the level of $36,552.

Weekly Pivot Points:

WR3 - $42,519

WR2 - $38,542

WR1 - $36,989

Weekly Pivot - $33,120

WS1 - $31,521

WS2 - $27,666

WS3 - $26,112

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).