A Daily Outlook: BTC/USD; Nov 17, 2021

Top 5 Headlines on Digital Currency:

  • The Joint Economic Committee of the United States Congress meets on Wednesday afternoon to discuss the regulation of Bitcoin and other cryptocurrencies, which different sectors of the country and the crypto industry have been calling for. Based on the recommendations arising from the committee’s discussions with industry experts, a legal framework will be created to regulate cryptocurrencies – Investing.
  • The Ethereum Foundation has announced that it has set aside $1 million for grants. The grants will help fund organizations and non-profits that educate policymakers and government departments about Ethereum and blockchain technology – Investing.
  • Synonym Software Ltd., a company founded by stablecoin issuer Tether Holdings Limited, officially launched on Tuesday, setting in motion a highly ambitious project to bring Bitcoin (BTC) transactions mainstream through an independent financial platform that utilizes the Lightning Network – Investing.
  • American Airlines (NASDAQ:AAL) and Swiss travel platform Winding Tree said on Tuesday they have formed a partnership that will enable corporate buyers to access the U.S. airline’s data on flights directly, without the need for intermediaries – Investing.
  • China’s Central Commission for Discipline Inspection stripped Xiao Yi, a former member and vice-chairman of the Jiangxi Provincial Political Consultative Conference, of his position. In addition, Xiao Yi was expelled from the communist party for allowing cryptocurrency mining to happen – Investing.

Technical View:

  • The BTC enjoys roller coaster movement and hovers around $60,000 mark.
  • The pair made intraday high at $60,447 and low at $58,596 mark.
  • Today a day chart is up and H1 chart with triple EMA suggests down trend for the time being.
  • A sustained close above $61,580 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $58,500 will check further supports.

$58,500 $61,580
$57,910 $62,180
$57,320 $62,860
$57,050 $63,410
$56,600 $63,720

Take a look and do trade wisely!
Good Luck

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