A Daily Outlook: BTC/USD; Jan 27, 2022

Top 5 Headlines on Digital Currency:

  • Members of the executive board at the International Monetary Fund are urging lawmakers in El Salvador to no longer recognize Bitcoin as legal tender – Investing.
  • The U.S. Securities and Exchange Commission has extended its window to approve the ARK 21Shares Bitcoin exchange-traded fund (ETF) originally proposed in July 2021 – Investing.
  • ChainBytes, LLC, a Bitcoin ATM manufacturer and blockchain developer announced a collaboration with Museo del Caos to exhibit Mexican and Latin American musicians, artists, and startup galleries within the NFT and Metaverse spheres – Investing.
  • BTC is one of the cryptocurrencies that was affected by the recent market downtrend as it attained a 90-day low price of $33,184.06. However, the Cup and Handle Chart pattern shows that it will experience a bullish run that would made it trade around $38,838.75 soon – Investing.
  • The world’s largest cryptocurrency by market value advanced close to $38,000 at 2 p.m. in Hong Kong, its highest level since Jan 21, when a selloff in virtual coins and other risky assets accelerated sharply – Investing.

Technical View:

  • The BTC trades marginally lower and stabilizes below $36,500 mark.
  • The pair made intraday high at $37,114 and low at $35,535 mark.
  • Today a day chart and H1 chart with triple EMA suggest bearish trend for the time being.
  • A sustained close above $38,500 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $33,100 on H1 chart requires for the downside rally.
$35,720 $38,500
$35,550 $38,740
$35,100 $39,200
$34,400 $39,550
$34,000 $39,900

Take a look and do trade wisely!
Good Luck