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May 12, 2022

A 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

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