A Daily Outlook: BTC/USD; March 04, 2022

Top 5 Headlines on Digital Currency:

  • Switzerland’s southern city of Lugano plans for many local businesses to accept some cryptocurrencies as “de facto” legal tender as part of a partnership with Tether – Investing.
  • The People’s Bank of China revealed the effects of the country’s latest cryptocurrency ban on the financial markets – Investing.
  • Ukraine said that it would accept cryptocurrency donations in the form of the Dogecoin (DOGE) cryptocurrency token from supporters of the conflict with Russia – Investing.
  • President Joe Biden’s four nominees to join the Commodity Futures Trading Commission told lawmakers that the main U.S. derivatives overseer should take on new responsibilities regulating cryptocurrencies – Investing.
  • Russian crypto volume across major exchanges plunges by 50% – Investing.

Technical View:

  • The BTC erases previous gain and remains well supported below $42,000 mark.
  • The pair made intraday high at $42,540 and low at $41,077 mark.
  • Today a day chart and H1 chart with triple EMA suggest down trend for the time being.
  • A sustained close above $42,800 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $40,550 on H1 chart requires for the downside rally.
$40,500 $42,800
$40,021 $43,300
$39,650 $43,720
$39,100 $44,100
$38,500 $44,500

Take a look and do trade wisely!
Good Luck