Gtag:

A Daily Outlook: BTC/USD; Jan 07, 2021

Top 5 Headlines on Digital Currency:

  • The Federal Reserve’s signaling for tighter monetary policy in 2022 could provide short-term headwinds for risk assets such as stocks and cryptocurrency, but there’s a good chance that Bitcoin (BTC) still comes out on top as investors recognize its value as a digital reserve asset, according to Bloomberg commodity strategist Mike McGlone – Investing.
  • The CEO of financial advisory and asset management firm Devere Group has predicted that three countries will adopt bitcoin as legal tender this year. He is more bullish than El Salvador’s president who predicted that two countries will make bitcoin their national currency – Investing.
  • The Human Rights Foundation announced on Tuesday that it intends to distribute 425 million satoshis — the smallest divisible unit of a Bitcoin — to various contributors as a part of its ongoing Bitcoin Development Fund – Investing.
  • Newly sworn-in New York City Mayor Eric Adams is already using his influence to speak publicly about buying the recent Bitcoin dip – Investing.
  • The United Kingdom’s Advertising Standards Authority, or ASA, has approved an official ban on two mobile application advertisements from popular trading platform Crypto.com that promoted the ease of purchasing cryptocurrencies, such as Bitcoin, as well as earning yield rewards on digital assets – Investing.

Technical View:

  • The BTC weakens drastically and slips below $41,000 mark.
  • The pair made intraday high at $43,135 and low at $40,938 mark.
  • Today a day chart and H1 chart with triple EMA suggest bearish trend for the time being.
  • A sustained close above $43,100 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $40,500 will check further supports.
SUPPORTS RESISTANCES
$40,500 $43,100
$40,120 $43,800
$39,760 $44,200
$39,300 $44,920
$39,000 $45,500

Take a look and do trade wisely!
Good Luck

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