30.07.202008:31 Forex Analysis & Reviews: Technical Analysis of BTC/USD for July 30, 2020:

Crypto Industry News:

Crypto fund manager Grayscale Investments managed to increase its assets by another $ 1 billion in less than two weeks.

According to Grayscale on Twitter, the investment firm currently has assets in AUM worth $ 5.1 billion. These funds are mainly held in Grayscale funds for Bitcoin and Ethereum, along with the company's large-cap digital fund. There are also smaller allocations in Bitcoin Cash, Ethereum Classic, Horizen, Litecoin, Stellar Lumens, XRP, and Zcash.

This represents an AUM increase of almost $ 1 billion in just 11 days, according to the July 17 update. The company more than doubled the AUM value of its BCH, from $ 6 million to $ 12.8 million over the period. Grayscale added $ 782 million to his BTC trust, $ 174 million to his ETH trust, $ 12.7 million to his ETC trust, and $ 6.7 million to his LTC trust.

Although the investment firm currently has $ 4.3bn of AUM for Bitcoin, documents filed with the U.S. Securities and Exchange Commission show Grayscale has not bought any cryptocurrency since June 19. Grayscale bought 19,879 BTC that day, which at the time seemed to indicate that the company was buying Bitcoin faster than miners could produce blocks.

However, according to a Grayscale report from Q3 2019, 80% of the proceeds in this quarter came from Bitcoin already in circulation, not from recently mined tokens.

Technical Market Outlook:

The BTC/USD pair has made a possible Double Top price pattern at the level of $11,317.The momentum is still strong and positive, but is decreasing, howaever, in a case of a up wave extension, the next target is seen at the level of $11,855 and $11,500. The nearest technical support is located at the level of $10,855 and $10,430. There is only 2 days until the month's end and the current monthly candle looks bullish.

Weekly Pivot Points:

WR3 - $11,362

WR2 - $10,720

WR1 - $10,360

Weekly Pivot - $9,731

WS1 - $9,314

WS2 - $8,690

WS3 - $8,269

Trading Recommendations:

The volatility on Bitcoin has significantly increased, but still the larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred until the level of $10,791 is clearly violated. The key long-term technical support is located at the level of $7,897.

Exchange Rates 30.07.2020 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Sebastian Seliga,
Analytical expert of InstaForex
© 2007-2022
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