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Crypto Market Summary: July 26 – Aug 1

Last Week Recap

After flirting at the $29,000 level, Bitcoin came back up to hover at the $34,000 to $34,500 level on Sunday. It could be due to a short-squeeze. Mid week comments from Elon Musk and Cathie Woods helped improve overall sentiments. But, are they enough to push the crypto market into bull territory? It is too early to tell.

For this coming week:

  • Although Bitcoin and the general crypto market have rebounded from the $29,000 level, we anticipate a weakening in positive momentum. 4H candlestick still shows a downtrend. We stick to our $42,000 level which Bitcoin must break through in order to signify a convincing turnaround.
  • This could be a technical rebound. We urge investors and traders to exercise caution.
  • As mentioned in a Yahoo Finance article, some investors are buying $22K and $20K Bitcoin puts.
  • Keep a lookout for: THETA, TFUEL, AXS

As usual, trade with care. Trade with what you can afford to lose.

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About SuperCryptoNews

SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

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© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

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