Bitcoin (BTC) increased considerably on July 26, managing to reach the range high at $40,550.

However, it failed to break out and is now attempting to find support in order to make another breakout attempt.

The daily chart shows that BTC reached a local high of $40,550, going into the range highs that have been in place since May.

However, the rally could not be sustained and BTC created a long upper wick (red icon). It proceeded to close the day at $37,237.

Technical indicators are bullish. The Stochastic oscillator has made a bullish cross and the RSI is above 50. In addition to this, the MACD is moving upwards and has nearly crossed into positive territory.

Technical indicators are also bullish on the daily chart. The RSI has moved above 50 and the Stochastic oscillator is close to making a bullish cross. In addition to this, the MACD is moving upwards, even though the signal line is not positive yet.

The two-hour chart shows that the rejection and drop were preceded by a bearish divergence in the RSI (red line).

Currently, it’s trying to find support at the 0.382 Fib retracement support level at $36,215. The next support is found at $34,885. This is the 0.5 Fib retracement support level.

Despite the drop, technical indicators are not bearish yet. The MACD is still positive and the RSI is above 50. In addition, the latter has generated a hidden bullish divergence.

Therefore, the most likely scenario would have BTC creating a higher low and continuing upwards.

Nigerian Exchange Limited (NGX) was aided to close on an upward note Monday, Sustained buying interest in the shares of some blue-chip stocks, as the All-Share Index (ASI) appreciated further by 0.5 per cent.

At the close of trading Monday, the ASI grew by 181.18 absolute points, representing an increase of 0.47 per cent to close at 38,849.08 points. Similarly, the overall market capitalisation value gained N94 billion to close at N20.241 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks among which are, Airtel Africa, Julius Berger, Ardova, Lafarge Africa, and UAC of Nigeria (UACN).

Analysts at Afrinvest Limited said: “In the next trading session, we expect the positive performance to be sustained barring the release of an underperforming half year, 2021 earnings results.

Nigeria’s Federal Government on Monday said, 10 Gigawatts (10,000MW) of electricity is feasible from an investment of $3 billion being made in the power sector.

The prevailing situation of the nation’s power sector has rendered most of the previous projections by political actors a mere lips service as the country’s current transmitted electricity only stands below 5,000 megawatts. By projections, Nigeria should be generating 40,000 megawatts while a plan indicated leapfrog to 30 gigawatts by 2030.

Nigeria’s Vice President, Yemi Osinbajo however told stakeholders at a conference organized by the Nigerian Association for Energy Economics (NAEE) that bottlenecks are being addressed while noting that accelerated investment in transmission and distribution of over $3 billion will put Nigeria on a path to 10GW of electricity.

According to him, the fund is being provided as interventions from the Central Bank of Nigeria, Siemens partnership, World Bank and African Development Bank, Japan International Cooperation Agency (JICA), French Development Agency and others.

This administration has transformed the Rural Electrification Agency into a renewable energy-driven organization with Solar power at its heart, the five million Solar Connections Program – Solar Power Naija aims to electrify 25 million citizens through the private sector and public-private partnerships and is the largest off-grid connections program in Africa.

He noted that the $2.6 billion Ajaokuta-Kaduna-Kano pipeline would address gas constraints, adding that the NLNG train seven project would lead to an increase in capacity of up to 30 per cent and keep Nigeria at the forefront in Liquified Natural Gas globally

According to him, the completion of the OB3 line in 2021 would strengthen Nigeria’s position as the sixth-largest gas country and ninth in gas export.

The Federal Government of Nigeria says it has so far distributed 300,000 hybrid cocoa seedlings to farmers in the four geopolitical zones where cocoa is produced through the Federal Ministry for Agriculture and Rural Development.

It also said some other agricultural inputs were also distributed to farmers, adding specifically that the seedlings were distributed to the farmers in the South-West, South-South, North Central and South-East geopolitical zones of the country.

Nigeria’s Minister for Agriculture and Rural Development, Mohammed Nanono, stated this at the inauguration of the National Secretariat of the Cocoa Farmers Association of Nigeria, in Akure, the Ondo State capital, on Monday.

According to the minister, the gesture of the Federal Government was part of the efforts to develop the agricultural sector, increase production and encourage cocoa farmers.

He said, “The ministry has so far distributed over 300,000 improved hybrid cocoa seedlings in the South-West, South-South, North Central and South-East and about 350 cartons of Ultimax-plus were distributed last year in South-South and South-East roll-out.

“The 500 units of solo pumps were distributed to cocoa farmers aimed at increasing cocoa production from the present 250,000 metric tonnes to 350,000 metric tonnes.