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November 16, 2021

BTC Weakens Noticeably on Profit Taking by Investors, Further Roller-Coaster Movement Likely; Nov 16, 2021

Top 5 Headlines on Digital Currency:

“There is a lack of news and this is some pure selling of spot and some additions of short selling. Outside of this, there is no significant news,” said Matthew Dibb, chief operating officer at Singapore-based crypto asset manager Stack Funds – Investing.
As more African countries continue to seek crypto exposure, the semi-autonomous territory of Zanzibar in Tanzania is reportedly exploring ways to regulate and adopt cryptocurrencies like Bitcoin (BTC) within its borders – Investing.
United States-based crypto mining company, Marathon Digital, has revealed that it is looking to leverage the debt market to procure Bitcoin and mining hardware – Investing.
Clover Finance will implement multi-chain support for crypto projects in the coming days – Investing.
Once again, cryptocurrency became a hot topic in India as Prime Minister Narendra Modi chaired a meeting last Saturday about crypto-assets and their misleading issues. In detail, the meeting focused on the unregulated markets that cannot be allowed to become an avenue for money laundering and terror financing – Investing.

Technical View:

The BTC spikes down sharply and hits fresh 7 – day low below $60,500 mark.
The pair made intraday high at $63,628 and low at $60,350 mark.
Today a day chart is up and H1 chart with triple EMA suggests down trend for the time being.
A sustained close above $62,180 on H1 chart requires for the upside rally.
lternatively, a consistent close below $60,298 will check further supports.

SUPPORTS	RESISTANCES
$60,298	$61,578
$59,700	$62,180
$59,220	$62,860
$59,000	$63,410
$58,650	$63,720

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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