A Daily Outlook: BTC/USD; Aug 18, 2022

Top Headlines on Digital Currency:

  • Crypto markets have been going through a slump and Bitcoin has been heavily affected by the downturns of the market. However the activity on Bitcoin’s protocol network has been growing steadily with Glassnode reporting over 1 billion unique addresses.
  • Ethereum classic recently saw an increase in the total value locked due to increased liquidity in the project in anticipation of the Merge. The blockchain saw an increase by more than 150% in TVL as the numbers surged to $241,388 from $93,213.
  • The Securities and Exchange Commission recently sued the founder of three entities – Dragonchain, the Dragonchain Foundation and The Dragon Company.
  • Solana has been in a turmoil over the past few days due to various exploits that have affected the protocol. However, more bad news follows. According to data from DefiLlama, the total value locked in Solana’s DeFi has dropped by around $600 million since 31 July.
  • Cryptocurrency exchange Coinbase recently announced that it will be pausing all ETH and other ERC-20 token transactions during the upcoming Ethereum merge.
  • Google’s parent company Alphabet invested more than $1.5 billion in crypto and blockchain companies.
  • Ripple partnered with Japan’s SBI remit to enable payments between Japan and Thailand.

Source: ambcrypto

Technical View:

  • The trades in narrow range and hovers around $23,000 mark.
  • The pair made intraday high at $23,521 and low at $23,296 mark.
  • Today a day chart is up and H1 chart with triple EMA suggests down trend for the time being.
  • A sustained close above $23,800 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $23,000 on H1 chart requires for the downside rally.
$23,050 $23,800
$22,800 $24,220
$22,410 $24,500
$22,100 $24,900
$21,600 $25,400


Take a look and do trade wisely!
Good Luck