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A Daily Outlook: BTC/USD; Jan 14, 2022

Top 5 Headlines on Digital Currency:

  • Bitcoin cycle is far from over and miners are in it for the long haul: Fidelity report – Investing.
  • It is China’s fear that its restriction on cryptocurrencies in the country might cost it to miss out on the economic advantages of the NFT boom. Therefore, before the country’s crypto crackdown undermines the local NFT business, China plans to make a clear distinction between cryptocurrencies and nonfungible tokens (NFT), much like it did with its digital currency – Investing.
  • IMF experts warn that there is a dangerous threat between cryptocurrencies and stocks, which can spark a crisis – Investing.
  • Pacific island nation of Tonga to copy El Salvador bill making Bitcoin legal tender, says former MP – Investing.
  • The State Bank of Pakistan (SBP) is reportedly seeking to ban all cryptocurrency transactions in Pakistan – Investing.
  • Technical View:

    • The BTC trades in narrow range on Friday and remains well supported above $42,000 mark.
    • The pair made intraday high at $42,808 and low at $42,388 mark.
    • Today a day chart and H1 chart with triple EMA suggest bearish trend for the time being.
    • A sustained close above $43,290 on H1 chart requires for the upside rally.
    • Alternatively, a consistent close below $42,100 on H1 chart requires for the downside rally.
    Supports Resistances
    $42,100 $43,290
    $41,650 $43,990
    $41,100 $44,210
    $40,800 $44,650
    $40,500 $45,100

    Take a look and do trade wisely!
    Good Luck

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