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May 26, 2022

A Daily Outlook: BTC/USD; May 26, 2022

Top 5 Headlines on Digital Currency:

Bitcoin has been wrapped all around by bears for about eight weeks in total since it started its downtrend. It has now set a record losing streak, which had started in late March – ambcrypto.
Institutional investors seemed to be betting on Cardano and Polkadot amid the broader crypto market downtrend. According to CoinShares’ latest Digital Asset Fund Flows Weekly report, the outflows totalled $154 million last week – ambcrypto.
TRON has now become the third-largest blockchain network by total value locked across its DeFi ecosystem. This comes on the back of the launch of its new algorithmic stablecoin called USDD – ambcrypto.
Coinbase has become the first crypto firm to feature in the Fortune 500. The crypto exchange was placed at the 437th spot on the magazine’s ranking of the 500 largest US companies by revenue – ambcrypto.
Russia’s updated crypto mining bill has cut tax amnesty for Bitcoin miners – ambcrypto.
Brazilian exchange Mercado Bitcoin forged a partnership with Stellar Development Foundation (SDF) on Tuesday – ambcrypto.

Technical View:

The BTC exhibits range bound movement and consolidates around $30,000 mark.
The pair made intraday high at $29,853 and low at $29,470 mark.
Today a day chart is down and H1 chart with triple EMA suggests up trend for the time being.
A sustained close above $30,200 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $29,350 on H1 chart requires for the downside rally.

SUPPORTS	RESISTANCES
$29,350	$30,200
$28,800	$30,800
$28,150	$31,450
$27,680	$31,800
$27,200	$32,500

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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