A Daily Outlook: BTC/USD; Dec 03, 2021

Top 5 Headlines on Digital Currency:

  • Fidelity, the fourth-largest asset manager in the world with more than $4 trillion in assets under management, has applied to launch a physical spot Bitcoin ETF in Canada. The ETF will track Bitcoin’s spot price, giving investors exposure to the leading cryptocurrency – Investing.
  • The United States Securities and Exchange Commission, or SEC, has officially disapproved asset manager WisdomTree’s spot Bitcoin (BTC) exchange-traded fund (ETF) after deferring on a decision several times this year – Investing.
  • Facebook Will Allow More Crypto Advertising, Jack Dorsey Rebrands Square to Block Inc. Following its corporate rebrand from Facebook to Meta, there were hints that Facebook would become more open to cryptos. Meta has confirmed that, announcing that it will now accept more crypto and blockchain ads on Instagram and Facebook – Investing.
  • Konzum, the largest supermarket chain in Croatia, is keeping up with the times by debuting payments in cryptocurrencies like Bitcoin (BTC) – Investing.
  • According to the BoA strategist, the metaverse could drive blockchain and cryptocurrencies to mass adoption. However, he believes that cryptocurrencies would need to be seen as currencies for that to be the case – Investing.

Technical View:

  • The BTC exhibits range bound movement and stabilizes below $57,000 mark.
  • The pair made intraday high at $57,070 and low at $56,120 mark.
  • Today a day chart and H1 chart with triple EMA suggest down trend for the time being.
  • A sustained close above $57,500 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $55,900 will check further supports.
$55,900 $57,500
$55,610 $57,900
$55,080 $58,200
$54,780 $58,900
$54,400 $59,400

Take a look and do trade wisely!
Good Luck