• Techspeedy for blockchain

Daily huddle & thoughts on the market: January 16

#BTC (four-hour chart). Bitcoin made another growth momentum, stopping near the previously set price maximum, where selling pressure intensified, as can be seen from the long upper shadow of the candle. Then, as expected in yesterday's review, the asset went to a local correction. The RSI indicator line bounced off the exponential moving average 200 EMA, and by the time of writing the review, Bitcoin is consolidating under the moving average 20 MA 4 H. On the way of the upward movement, the exponential moving average 55 EMA 4 H and the middle line of the descending channel may act as resistance, which increases the chances to continue decline after a possible rebound of the instrument to the area of ​​$43,500 from current levels. It is important to monitor the reaction of buyers when the price touches the support block at $42,000. It is important for the bulls to keep this level for the development of a local uptrend, in this case, the relevance of the idea of ​​an upward movement of bitcoin to the $46,000 area will remain in force. #ETH. The asset is trading above the support level in the $3,200 region, the nearest resistance is at around $3,400. The growth of ether against #BTC over the past day amounted to 0.4%. The first ETF based on bitcoin futures, BITO, introduced by ProShares, was launched last October on the NYSE. After the launch, it became the second largest sales volume for Fidelity clients on the first day of trading, but there is now a decrease in interest in it against the background of the ongoing market correction. Let us remind that in December 2021, the Indian media reported that the authorities would still regulate digital assets instead of banning them, which opened up opportunities for creating financial instruments based on digital assets in the country. We

believe that the development of the cryptocurrency derivatives market and the expansion of its presence is an integral part of the formation of a new industry. Derivatives are an important part of today's financial markets because, in theory, they help contain risks and mitigate their consequences. The US stock market ended Thursday trading lower amid negative dynamics in the technology, healthcare and consumer goods sectors. At the close on the New York Stock Exchange, the Dow Jones fell 0.49%, the S&P 500 index fell 1.42%, the NASDAQ Composite index fell 2.51%. The total capitalization of the cryptocurrency market decreased by 1.5%, the dominance of bitcoin fell by 0.9%. The price level of $42,000 is a likely stop zone for the local #BTC correction, however, before opening trading positions, you need to see the reaction of buyers when the price touches this mark.

#happyinvesting 🚀



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