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February 1, 2022

A Daily Outlook: BTC/USD; Feb 01, 2022

Top 5 Headlines on Digital Currency:

Banking giant Fidelity eyes Bitcoin technology – Investing.
Bitcoin (BTC) stock-to-flow (S2F) in January 2022 hits below 62%, according to PlanB data – Investing.
The bill to make Bitcoin (BTC) legal tender in the state of Arizona was presented to the state legislature by Senator Wendy Rogers (NYSE:ROG), who has been promoting the adoption of cryptocurrency for some time – Investing.
In a new report published by CoinShares on Monday, the firm estimated that the Bitcoin (BTC) mining network emitted 42 megatons, or Mt, (1Mt = 1 million tons) of carbon dioxide, or CO2, in 2021 – Investing.
Canadian online brokerage Wealthsimple wants to chart a future enabling the real-world use of cryptocurrencies rather than simply facilitating trading, but is likely to face unexpected costs and uncertain regulatory terrain along the way – Investing.

Technical View:

The BTC spikes down sharply in European hours and hits fresh daily low at $38,214 mark.
The pair made intraday high at $39,115 and low at $38,214 mark.
Today a day chart is down and H1 chart with triple EMA suggests up trend for the time being.
A sustained close above $38,650 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $37,735 on H1 chart requires for the downside rally.

SUPPORTS	RESISTANCES
$38,100	$38,650
$37,850	$39,100
$37,420	$39,550
$37,000	$39,780
$36,550	$40,050

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

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