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SpanishA Daily Outlook: BTC/USD; Jan 20, 2022
Top 5 Headlines on Digital Currency:
- Bloomberg analyst Mike McGlone is convinced Bitcoin is on track to reach $100K in 2022, as it completes its transition from a risk-on to risk-off asset. While the Fed is planning to raise interest rates to fight inflation, risk-on assets like crypto may suffer, as people would likely prefer to invest in fixed-income assets like bonds – Investing.
- More than a year after a Canada-based Middle Eastern restaurant chain converted its fiat cash reserves into Bitcoin, the owner reported the move helped save the business during the pandemic – Investing.
- Associate law professor and member of the Securities and Exchange Commission’s Investor Advisory Committee J.W. Verret is calling for the government agency to open for public comment in regards to digital asset regulation – Investing.
- Erik Thedéen, the vice-chair of the European Securities and Markets Authority has raised concerns over the growing use of renewable energy for Bitcoin mining. In a recent interview with the Financial Times, Thedéen said that Bitcoin (BTC) mining has become a “national issue” and warned cryptocurrencies could pose a risk to climate change goals – Investing.
- Britain plans to halt promotional crypto advertisement in the country – Investing.
Technical View:
- The BTC trades in rigid boundaries and hovers around $42,000 mark.
- The pair made intraday high at $42,101 and low at $41,665 mark.
- Today a day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $42,550 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $40,500 on H1 chart requires for the downside rally.
| SUPPORTS | RESISTANCES |
| $41,100 | $42,550 |
| $40,500 | $42,900 |
| $40,080 | $43,100 |
| $39,750 | $43,600 |
| $39,320 | $44,000 |
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