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June 10, 2022

A Daily Outlook: BTC/USD; June 10, 2022

Top 5 Headlines on Digital Currency:

Bitcoin witnessed a 52% reduction in the number of times it was declared ‘dead’ despite a persistent bearish market.
Ethereum developers have successfully activated the Merge of Ropsten’s proof-of-work chain with the proof-of-stake Beacon Chain. The event happened June 8th, and involved a couple of minor hiccups that will be fixed before the mainnet launch.
As per a recent twitter poll, Cardano has emerged as the most held cryptocurrency in a bear market. Developers of the blockchain, Input Output (IOHK), have also revealed that the Cardano network now has over 1,000 projects building on it.
The decentralized exchange Osmosis has been exploited for approximately $5 million due to a bug in the system. The bug allowed malicious users to drain liquidity from the exchange by depositing and immediately withdrawing 50% more money from the pools.
Major South Korean exchanges have delisted Litecoin (LTC) due to its new privacy features.
Russia’s latest bill seeks to ban crypto as means of payment. If this bill is passed, cryptocurrencies won’t be accepted as a means of payment in the country.

Source: ambcrypto

Technical View:

The BTC continues to trade in stiff boundaries and consolidates around $30,000 mark.
The pair made intraday high at $30,333 and low at $29,550 mark.
Today a day chart and H1 chart with triple EMA suggest down trend for the time being.
A sustained close above $32,300 on D1 chart requires for the upside rally.
Alternatively, a consistent close below $28,500 on D1 chart requires for the downside rally.

SUPPORTS	RESISTANCES
$29,500	$30,780
$29,150	$31,200
$28,800	$31,650
$28,500	$32,000
$28,100	$32,300

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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