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May 13, 2022

A Daily Outlook: BTC/USD; May 13, 2022

Top 5 Headlines on Digital Currency:

Chile’s central bank will make a decision on the launch of its digital currency (CBDC) in early 2023, announced the president of the issuing body, Rossana Costa, in a report on the benefits and challenges of this project published on Thursday – Investing.
Legendary Value Investor Says Only Cryptoasset Without Any Competition Is Bitcoin – Investing.
One of the United Arab Emirates (UAE)’s leading airlines, Emirates Airline, said it has plans to add “bitcoin as a payment service.” – Investing.
Nomura has begun offering bitcoin over-the-counter derivatives to clients, it said Friday, the latest move by a traditional financial institution into the cryptocurrency industry, even as markets are in turmoil – Investing.
The Shanghai High People’s Court has issued a document in which it states that Bitcoin is subject to property rights laws and regulations. That finding was made in relation to a lawsuit filed in a district court in October 2020 involving the recovery of a loan of 1 Bitcoin (BTC) – Investing.

Technical View:

The BTC trades almost flat on Friday and consolidates around $30,500 mark.
The pair made intraday high at $30,960 and low at $28,686 mark.
Today a day chart is down and H1 chart with triple EMA suggests up trend for the time being.
A sustained close above $30,950 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $29,400 on H1 chart requires for the downside rally.

SUPPORTS	RESISTANCES
$29,400	$30,950
$29,050	$31,200
$28,650	$31,800
$28,250	$32,200
$27,900	$32,800

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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