A Daily Outlook: BTC/USD; March 07, 2022

Top 5 Headlines on Digital Currency:

  • A finance professor at the Wharton School of the University of Pennsylvania has warned of “bitcoin taking over.” He added that the Fed “has been terribly wrong over the last year” about inflation and must now act to defend the U.S. dollar – Investing.
  • 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.
  • As Russia’s invasion of Ukraine spills into its second week, the country’s prime minister Mykhailo Fedorov has announced the launch of NFTs to fund Ukraine’s armed forces. The announcement comes after the government decided to cancel its previously planned cryptocurrency airdrops – Investing.
  • South Korea to invest $187M in national metaverse project – Investing.
  • Ukraine has received $37M in tracked crypto donations – Investing.

Technical View:

  • The BTC starts a new week on a lower note and hovers around $38,000 mark.
  • The pair made intraday high at $38,556 and low at $37,592 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 $37,800 on H1 chart requires for the downside rally.
$37,500 $38,500
$37,000 $38,980
$36,550 $39,300
$36,100 $39,750
$35,550 $40,200

Take a look and do trade wisely!
Good Luck