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SpanishA Daily Outlook: BTC/USD; June 02, 2022
Top 5 Headlines on Digital Currency:
- Cardano became the sixth-largest cryptocurrency by market capitalization after surpassing XRP – ambcrypto.
- Latest data from Glassnode revealed that the BTC accumulation trend score has shown a value of more than 0.9 in the past couple of weeks. The “accumulation trend score” indicates the aggregate accumulation or distribution trend by Bitcoin investor wallets – ambcrypto.
- BNB Chain recently released its technical roadmap that would offer end users more capacity with less congestion while enabling faster transactions among dApps – ambcrypto.
- The world’s largest cryptocurrency exchange by volume also plans to increase the number of mainnet validators from 21 to 41, in an attempt to offer incentives for validators to innovate – ambcrypto.
- LUNA 2.0, the new token on Terra’s genesis blockchain, recently launched on Binance exchange with BUSD and USDT pairs. The world’s largest cryptocurrency exchange announced the news via Twitter and an official blog post – ambcrypto.
- American investment bank, JPMorgan Chase & Co, has begun the pilot for the tokenization of DeFi on the blockchain to test the economic potential and value-adding use cases of cryptocurrency by the central bank of Singapore – ambcrypto.
- Binance is likely to launch an awareness campaign that has been spreading knowledge about cryptos in Africa. The campaign will attempt to reach out to university students, in southeast Nigeria, in hopes of encouraging crypto adoption among Nigerian youth – ambcrypto.
Technical View:
- The BTC recovers slightly from previous losses but remains well supported below $30,000 mark.
- The pair made intraday high at $30,087 and low at $29,568 mark.
- Today a day chart and H1 chart with triple EMA suggest down trend for the time being.
- A sustained close above $30,200 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $29,500 on H1 chart requires for the downside rally.
| SUPPORTS | RESISTANCES |
| $29,500 | $30,200 |
| $29,000 | $30,650 |
| $28,750 | $31,150 |
| $28,210 | $31,800 |
| $27,900 | $32,300 |
Take a look and do trade wisely!
Good Luck
TP Global FX Research Team
With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills