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SpanishA Daily Outlook: BTC/USD; May 12, 2022
Top 5 Headlines on Digital Currency:
- Bitcoin plunges below $27,000, erases 2021 gains as cryptocurrency sell-off intensifies – Investing.
- Aussie crypto ETFs see $1.3M volume so far on difficult launch day – Investing.
- Bitcoin proponent and MicroStrategy CEO Michael Saylor has welcomed the U.S. Financial Accounting Standards Board (FASB) vote to review accounting rules for digital assets and commodities – Investing.
- Latin America’s largest digital bank will allocate 1% to BTC, offer crypto investment services – Investing.
- Security breaches and hacks often highlight the risks of storing Bitcoin (BTC) on centralized exchanges. One analyst has even claimed that keeping BTC on exchanges is also a factor for price dips – Investing.
Technical View:
- The BTC depreciates extremely on Thursday and hits lowest level since Dec 2020.
- The pair made intraday high at $30,090 and low at $25,401 mark.
- Today a day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $29,100 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $26,200 on H1 chart requires for the downside rally.
| SUPPORTS | RESISTANCES |
| $25,400 | $30,100 |
| $24,950 | $30,750 |
| $24,410 | $31,200 |
| $24,000 | $31,800 |
| $23,500 | $32,200 |
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