A Daily Outlook: BTC/USD; Nov 29, 2021

Top 5 Headlines on Digital Currency:

  • The governor of the Bank of England, the country’s central bank, has voiced concerns about El Salvador choosing bitcoin as a national currency. Citing a recent warning by the International Monetary Fund (IMF) against bitcoin’s use as legal tender, the governor said: “What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have.” – Investing.
  • Salvadoran President Nayib Bukele bought the dip again, investing more than $5 million into Bitcoin as the price dropped under $54,000 Friday – Investing.
  • Singapore-based virtual currency exchange Coinstore has begun operations in India at a time when the Indian government is preparing legislation to effectively bar most private cryptocurrencies. Coinstore has launched its web and app platform and plans branches in Bangalore, New Delhi and Mumbai which will act as its base in India for future expansion, its management said – Investing.
  • Fintonia Group, a Singapore-based fund manager regulated by the Monetary Authority of Singapore (MAS), has launched two institutional-grade Bitcoin (BTC) funds – Investing.
  • The ProShares Bitcoin Strategy ETF (BITO) launched on the New York Stock Exchange. On its first day, the exchange-traded fund (ETF) saw an influx of close to $1 billion in natural volume and, within 24 hours, Bitcoin (BTC) itself would reach a new all-time high for its price in U.S. dollars – Investing.

Technical View:

  • The BTC erases previous loss and remains well supported above $57,000 mark.
  • The pair made intraday high at $58,298 and low at $57,179 mark.
  • Today a day chart is down and H1 chart with triple EMA suggests up trend for the time being.
  • A sustained close above $58,100 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $55,900 will check further supports.
$55,900 $58,100
$55,610 $58,550
$55,080 $59,080
$54,780 $60,200
$54,400 $60,710

Take a look and do trade wisely!
Good Luck