Gtag:

A Daily Outlook: BTC/USD; Nov 18, 2021

Top 5 Headlines on Digital Currency:

  • Developer group Oasis Foundation has launched a $160 million ecosystem fund to bootstrap promising projects building on top of Oasis Network, a privacy-enabled blockchain with a focus on decentralized finance (DeFi) and the so-called data economy – Investing.
  • Former Goldman Sachs executive Raoul Pal has reaffirmed he is bullish on the second-largest cryptocurrency by market capitalization Ethereum ($ETH) going into the end of the year, saying he expects it to move up at least 100% until then – Investing.
  • As reported by The Globe and Mail, Fidelity Clearing Canada received approval from the Investment Industry Regulatory Organization of Canada on Wednesday to launch a Bitcoin (BTC) trading and custody platform. It is designed for use by institutional investors — such as pension funds, portfolio managers and mutual funds — and would be a first-of-a-kind service in the country – Investing.
  • China has compelled its state-owned businesses to halt all cryptocurrency mining operations, with the intention of enforcing harsh penalties on firms that do not comply, including higher energy expenses – Investing.
  • Chairman of the U.S. Senate Finance Committee Ron Wyden and Senator Cynthia Lummis who is also a Bitcoin owner drafted the new bill together. Lummis warned that “digital assets are here to stay in our financial system and the decisions we make now will have impacts far into the future. We need to be fostering innovation, not stifling it – Investing.

Technical View:

  • The BTC exhibits range bound movement and consolidates around $60,000 mark.
  • The pair made intraday high at $60,978 and low at $59,559 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.

SUPPORTS RESISTANCES
$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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