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May 10, 2022

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

Top 5 Headlines on Digital Currency:

The Bitcoin Fear and Greed Index (BFGI) has once again reached the “extreme fear” level as BTC nosedived below $30,000 in Asian hours – ambcrypto.
Cardano has launched its first algorithmic stablecoin – Djed on public testnet. It was developed by taking cue from Terra’s UST stablecoin – ambcrypto.
Terra’s stablecoin lost its peg to the U.S. dollar this weekend amid crypto market turbulence – ambcrypto.
The social media platform owned by Meta would soon be following Twitter and Reddit in embracing NFTs. As per reports that are yet to be confirmed, the plan is to integrate tokens from top platforms such as Solana, Ethereum Flow, and Polygon – ambcrypto.
As per a study, 90% of central banks admitted working on the launch of their own central bank digital currencies (CBDCs) – ambcrypto.

Technical View:

The BTC erases previous loss against U.S. dollar and remains well supported above $31,500 mark.
The pair made intraday high at $32,650 and low at $29,731 mark.
Today a day chart and H1 chart with triple EMA suggest bearish trend for the time being.
A sustained close above $32,400 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $30,000 on H1 chart requires for the downside rally.

SUPPORTS	RESISTANCES
$30,000	$32,800
$29,600	$33,150
$29,000	$33,720
$28,550	$34,050
$28,100	$34,680

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

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