A1 Trading Company

July 26, 2021

Why Bitcoin Could Climb Back To $60K This Year

Frank Cabibi

7/26/2021

Bitcoin, dogecoin and Ethereum all had a great weekend and are now starting off the week strong as BTC is up over 8% on the day nearing $40,000 again. The crypto has seen more growth in the past few days since April of this year. The altcoin market has been in a steady downtrend since then, but the recent breakout is catching the eyes of lots of investors. Tesla and Twitter CEOs have been talking about how they will start to incorporate bitcoin into their business, and speculation of Amazon beginning the adoption of crypto payments has pumped price this weekend.

Our outlook

For one, I'm glad the consolidation zone held up for the past couple months because that suggests how strong this level of support is in the long run. Additionally, Amazon's potential acceptance of bitcoin was not the best piece of news. For the past several weeks, institutional money has poured more and more money on each dip as they accumulated their stake. I do think that if bitcoin can hold its own above $40K that would be a really good sign for the bulls as breaking that psychological level could help price reach further. And every heavy spike in crypto usually means a continued move to the upside. Now that we have sustained and broke out of consolidation, price will probably test resistance around $40K before breaking or retracing.

Trade Setups

BTCUSD

Bitcoin popped up above resistance after breaking out of a falling trend line of the 4H and its consolidation zone. Price is still hovering in the $38,500s, but the long wicks rejecting the lows make it look like price wants to push higher. Resistance around $40K.

DOGEUSD

Dogecoin mirroring the performance of bitcoin as it breaks out of its consolidation zone as well. Price did come back to test the top of the channel it broke out of, and it looks like it will bounce off. If we get a long wick at the bottom of the candle it could suggest further upside.

ETHUSD

Ethereum up over 6% today and looks like it's forming a double top on the 4H timeframe. However, the coin could test this resistance level again around $2,406. A break in this level would be a good sign for the ETH bulls.

A1 Edgefinder

AI- Generated Trading Setups
AI-generated bullish/bearish bias setups on forex currencies, gold, & indices.

Discount code: 'READER'

Access Now

Free

Trading Plan Template
Struggling to build a successful trading plan? Download our template to get started today!
Download
Shutdown Halted, Dollar Climbs

Just before the scheduled shutdown at 12:01 am on Sunday, Congress voted to extend the deadline for another 45 days. Yields jumped higher to above 5.1% which has remained elevated for some time. As we enter an historically bullish month for the indices, here are some setups on dollar, gold and index setups EdgeFinder Analysis […]

Read More
Yields Hold Steady After GDP

GDP numbers came in lower than expected in the US, marking the third straight drop in economic output. This is usually good news for the stock market indices and gold, however, bond yields continue to hold up above 5.1%. Here are some potential trade setups for both dollar and index longs depending on how the […]

Read More
USOil Breaks Through the Highs! (+$2646.85)

Hi, I’m Nick! I am the founder of A1 Trading, market analyst, YouTuber, and creator of the EdgeFinder software tool. I caught a huge winner on USoil with the help of the EdgeFinder! In this article, I’ll walk you through my thought process behind the trade and how I found this crazy runner! Finding My […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
Home
Edgefinder
VIP
Menu
homesmartphonelaptop-phonemenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram