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SpanishA Daily Outlook: BTC/USD; May 06, 2022
Top 5 Headlines on Digital Currency:
- Binance supports Elon Musk’s Twitter (NYSE:TWTR) takeover by contributing $500 million in funding – Investing.
- The Italian luxury fashion label Gucci has announced that it will begin accepting Dogecoin, Shiba Inu, and other cryptocurrencies as it looks to expand its presence in the crypto industry – Investing.
- Freedom Squares is a brand new Ethereum NFT collection which aims to raise funds for a couple of well-known relief organizations working in Ukraine – Investing.
- Luna Foundation Guard (LFG), a Singapore-based nonprofit tied to the Terra Luna ecosystem, has raised another $1.5 billion to further expand its already hefty Bitcoin (BTC) reserves – Investing.
- Decentralized finance firm Qredo has received approval for registration as a Bitcoin (BTC) service provider in El Salvador – Investing.
Technical View:
- The BTC spiked down sharply in previous session amid strengthening U.S. dollar and touched $35,500 mark in previous session.
- The pair made intraday high at $36,648 and low at $36,138 mark.
- Today a day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $37,100 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $36,200 on H1 chart requires for the downside rally.
| SUPPORTS | RESISTANCES |
| $36,200 | $37,100 |
| $35,500 | $37,950 |
| $35,050 | $38,400 |
| $$34,600 | $38,780 |
| $34,000 | $39,300 |
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