A Daily Outlook: BTC/USD; Jan 17, 2022

Top 5 Headlines on Digital Currency:

  • El Salvador’s historic embrace of Bitcoin (BTC) could have negative consequences on the country’s sovereign credit outlook, according to Moody’s Investors Service – Investing.
  • The Stacks blockchain, which is behind the STX token, is making great strides, as seen by various metrics on the network. The blockchain recently hit its first anniversary, with the objective behind its creation being to make the Bitcoin network programmable – Investing.
  • The adoption of Bitcoin continues to surge globally. The latest country to come into the limelight in crypto matters is Brazil, after the mayor of Rio de Janeiro announced plans to allocate 1% of the city’s reserves to Bitcoin – Investing.
  • Uruguay has reportedly installed its first Bitcoin (BTC) ATM, making it the 11th South American country to publicly encourage crypto adoption. Prior to Uruguay’s involvement, South America hosted 79 ATMs, which represented 0.2% of global BTC ATM installations – Investing.
  • Despite the ongoing uncertainty about cryptocurrency regulation in India, local financial firms are backing new ventures aiming to launch Bitcoin (BTC) exchange-traded funds (ETF). Torus Kling Blockchain, a joint venture between Cosmea Financial Holding, a financial firm backed by former Reliance Capital CEO Sam Ghosh, and Kling Trading India, is preparing to launch Bitcoin and Ether (ETH) futures ETFs in India, The Economic Times reported Thursday – Investing.

Technical View:

  • The BTC starts a new week on a lower note and consolidates around $43,000 mark.
  • The pair made intraday high at $43,209 and low at $42,337 mark.
  • Today a day chart and H1 chart with triple EMA suggest bearish trend for the time being.
  • A sustained close above $43,550 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $42,000 on H1 chart requires for the downside rally.
$42,000 $43,550
$41,650 $43,990
$41,100 $44,210
$40,800 $44,650
$40,500 $45,100

Take a look and do trade wisely!
Good Luck