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August 10, 2022

A Daily Outlook: BTC/USD; Aug 10, 2022

Top Headlines on Digital Currency:

As Ethereum’s Merge slowly draws closer to its launch, ETH 2.0 deposit contracts crossed the 13 million mark yesterday. This was revealed through the data provided by Glassnode.
The U.S. Treasury Department has placed sanctions on the popular coin mixing service Tornado Cash.
The MicroStrategy stock has outperformed most of the asset classes since the company adopted its Bitcoin (BTC) strategy in 2020.
Singapore-based crypto lender Hodlnaut has halted withdrawals amid supposed liquidity constraints.
The number of cryptocurrency ATMs installed globally is approaching the 40,000 mark.
The Bank of Thailand (BOT) is currently studying if retail CBDC models are suitable for the country. It has decided to launch a retail CBDC pilot by the end of this year.

Source: ambcrypto

Technical View:

The BTC falls sharply on Wednesday and slips back below $23,000 mark.
The pair made intraday high at $23,151 and low at $22,668 mark.
Today a day chart and H1 chart with triple EMA suggest bearish trend for the time being.
A sustained close above $23,500 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $22,500 on H1 chart requires for the downside rally.

SUPPORTS	RESISTANCES
$22,500	$23,500
$22,050	$23,950
$21,700	$24,200
$21,500	$24,750
$21,100	$25,100

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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