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BTCUSD Weekly Outlook and Bitcoin Fundamentals, 11th Feb 2022

Introduction

A country like Russia has shown interest in legalizing digital assets to boost its economic activities for businesses and individuals who want to operate through digital assets. The government’s decision has increased the global market cap for digital assets by 1.5%, this news is a welcome development for the top Indian brokers.

BTCUSD Technical Analysis

Monthly Chart

BTCUSD monthly chart - 11th Feb 2022

Monthly Resistance Levels: 53000, 69000, 47989.

Monthly Support Levels: 28600, 32949

The BTCUSD pair have favored Indian brokers who opened short position as of 01 December 2021 when the price moved away from the ATH zone down to the support zone of 32949, making about 50% profit in that direction.

The month of February has seen the bulls push back the price of BTCUSD higher, and if the move can close above the 47989 zones of resistances, we shall see more volatility in the market. However, if the price of bitcoin can close below the 32949 levels, the Macdonald’s pattern is formed and the cryptocurrency will experience a sharp drop in the price of BTC because the zone is the neckline on the monthly chart for an opportunity to short the digital asset.

Weekly Chart

BTCUSD weekly chart - 11th Feb 2022

Weekly Resistance Levels: 52200, 69000.

Weekly Support Levels:  329571.

The BTCUSD did about 52.24% to the south before the market started the correction on the weekly time chart. Could this correction mean a resumption of the bullish run? For the Bulls to take over the cryptocurrency market, they need to break out above the candlestick of 27th December 2021(52200) which will expose the All-Time-High of bitcoin.

If this week’s candlestick closes on a bullish note, it will be a 3 white soldiers candlestick pattern which indicates that the bulls are in control of the cryptocurrency market at the moment. Should there be a reversal of price and we see a breakout below 36950 zones, Indian brokers with a short position will continue the bearish trend.

Daily Chart

Daily Resistance Levels: 45655, 52000, 43518.

Daily Support Levels:  32950, 36270, 59401

Indian brokers and other cryptocurrency traders are hoping that the BTCUSD pair will begin its bullish run on the daily time frame. The breaker of the trendline connecting the highs of 52000 level of resistance and that of 43518 was on 04 February 2022 indicating Bulls surge in the market. If the Bulls can breakout above the 45655 zones, we shall see the price of BTCUSD rise to the next resistance zone.

If the price of the number one cryptocurrency coin fails to close above the zone and the price falls below the support level of 32950, we may see a sharp sell-off in the market. The trading activity has been neutral Indian brokers cannot determine the next possible direction of the crypto asset.

Bullish Scenario:

The bitcoin bullish scenario will continue on the daily chart once the price can close the 46000 levels.  A break above will more attract Indian brokers and other investors into the cryptocurrency market. 

Bearish Scenario:

The bitcoin price may drop further from the recent high of 47500 if the Bulls momentum is weak around the high of 47500. The Bears will step in around the one for a sell-off attempt once the buying pressure is weak.

Bitcoin BTC News Events

New Editor in Chief Crypto Briefings

Chris Williams is the new Editor in Chief relating to crypto briefings. During his address, he gave a piece of insightful news about the possible plans for the future. The joy of the new Editor is in the growth of its active users on the crypto-native line for a short period. The Crypto Briefing has grown so well that there are over millions of readers which also has a strong impact on the output of the team. 

He also stated that there will be changes in the editorial team very soon given hint so some members like Tim Craig who is now having the role of an Assistant Editor referencing’s to his NFT features and Newsletters. Stefan Stankovic will be moved to SIMETRI as a full-time Research Analyst because of his beliefs on the DeFi and his style of writing. 

He did refer other team members in the U.S editorial team like Jacob Oliver, Brooks Butler, and Vishal Chawla who will continue to research and give reports on the DeFi to DAOs while the CEO is still Mitchell Moos.

The New Editor mentions that the team will continue to expose the bad actors in the business and also expose those projects that are not credible to crypto brokers. He also states that there is a lot of trash out there and they have to give the right information. 

He believes that the year 2022 will be more exciting than 2021 which was crazier than his imagination. He sees the future will be a multi-trillion-dollar network when the cryptocurrencies become the nexus of the financial system as more countries and institutions are investing in Bitcoin and other cryptocurrencies.

Conclusion and Projection

The step which the Russian government has taken will likely influence other countries and that will be of great benefit to the users of cryptocurrencies. The community of the BTCUSD users will increase and it will influence the price of bitcoin.

The weekly chart is showing bullish momentum, the test of the resistances will determine the next direction as the week progresses. Indian brokers will have to wait for the price to either breakout above for a bullish run or they see another opportunity to go short on the BTCUSD pair.



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