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February 25, 2022

A Daily Outlook: BTC/USD; Feb 25, 2022

Top 5 Headlines on Digital Currency:

China’s crackdown on cryptocurrencies continues as the country’s Supreme Court declares fundraising through cryptocurrency illegal – Investing.
China’s new law will come into effect on March 1, 2022 – Investing.
Russian Bitcoin (BTC) miners are reportedly running as usual despite the government’s invasion of Ukraine this week – Reuters.
USDT premiums soar on Ukraine’s Kuna exchange – Investing.
Tonga’s timeline for Bitcoin as legal tender and BTC mining with volcanoes – Investing.

Technical View:

The BTC trades in narrow range on Friday and stabilizes below $40,000 mark.
The pair made intraday high at $39,019 and low at $38,176 mark.
Today a day chart is down and H1 chart with triple EMA suggests up trend for the time being.
A sustained close above $39,100 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $37,000 on H1 chart requires for the downside rally.

SUPPORTS	RESISTANCES
$38,100	$39,100
$37,550	$39,550
$37,000	$39,999
$36,780	$40,200
$36,200	$40,550

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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