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May 31, 2022

A Daily Outlook BTC/USD; May 31, 2022

Top 5 Headlines on Digital Currency:

Bitcoin continued an unprecedented losing streak till May 29 as it closed its ninth consecutive negative week. Today, the coin surged above the $30k as it rose by over 5% – ambcrypto.
According to Santiment, Ethereum gas fees have dropped to extremely low levels – ambcrypto.
Early last Saturday, Terraform Labs released a new version of the Terra blockchain called “Terra 2.0”. However, the token shed almost 73% of its initial value about 24 hours after the launch – ambcrypto.
Elon Musk has stated that SpaceX would soon start accepting Dogecoin for merchandise payments – ambcrypto.
The two opponents of the XRP lawsuit have collaborated for the first time in the XRP lawsuit case – ambcrypto.
Leading crypto loans platform Binance Loans has decided to include ADA & AVAX in the list of crypto assets it allows as collateral. The two coins are the native tokens of smart contract platforms Cardano and Avalanche, respectively – ambcrypto.

Technical View:

The BTC spiked up sharply in previous session and today trades almost flat at $31,500 mark.
The pair made intraday high at $31,834 and low at $31,413 mark.
Today a day chart is down and H1 chart with triple EMA suggests up trend for the time being.
A sustained close above $31,900 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $30,800 on H1 chart requires for the downside rally.

SUPPORTS	RESISTANCES
$30,800	$31,900
$30,150	$32,450
$29,800	$32,780
$29,500	$33,200
$29,000	$33,650

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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