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SpanishA Daily Outlook: BTC/USD; Aug 25, 2022
Top Headlines on Digital Currency:
- CoinShares reported that Ethereum is experiencing a change in sentiment as the protocol transitions to a proof of stake (PoS) consensus mechanism. This has increased the interest of institutional investors, leading to nine consecutive weeks of inflow for the altcoin.
- A new study said that crypto investors have been moving BTC to their Ledger and Trezor hardware wallets.
- According to the latest data provided by Cardano daily, Cardano’s ecosystem uses less energy than most widely-used platforms. The consumption stands at 0.0027 TWh or 2.7 GWh for the whole year which is a remarkable achievement over other coins as well as platforms.
- Shibaswap, the native decentralized exchange of the Shiba Inu project, recorded a steep fall in trading volume for the month of July despite several attempts at recovery by digital asset prices. This could be due to the decline in liquidity poured into altcoins listed on the platform.
- Crypto lending firm Celsius countersued DeFi protocol KeyFi and its CEO Jason Stone, claiming that KeyFi mismanaged funds resulting in heavy losses for the company.
- NFT sales have been experiencing a sharp decline in volume in 2022 as a result of the choppy market move. That said, Nike witnessed a sharp uptick in the revenue of its NFT projects despite the crypto winter.
Technical View:
- The BTC moves in rigid boundaries and consolidates around $21,500 mark.
- The pair made intraday high at $21,756 and low at $21,319 mark.
- Today a day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $22,200 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $21,000 on H1 chart requires for the downside rally.
| SUPPORTS | RESISTANCES |
| $21,000 | $22,200 |
| $20,650 | $22,500 |
| $20,100 | $22,900 |
| $19,555 | $23,450 |
| $19,100 | $23,800 |
Take a look and do trade wisely!
Good Luck
TP Global FX Research Team
With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills