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May 4, 2022

A Daily Outlook: BTC/USD; May 4, 2022

Top 5 Headlines on Digital Currency:

Institutional investors shed $133 million worth of Bitcoin (BTC) investment products last week, marking the largest week of outflows since June last year – Investing.
Business intelligence firm MicroStrategy said it will consider opportunities for yield generation on 95,643 “unencumbered” Bitcoin (BTC) held by its subsidiary MacroStrategy – Investing.
Record-high surge in Ethereum Name Service domains triggers 90% rally in ENS (Ethereum Name Service) – Investing.
Weiss Ratings has issued a warning regarding the risks of crypto mortgages. One of the companies that the firm placed a spotlight on is a digital baking startup based in Miami, called Milo – Investing.
Popular BTM Operator: Bitcoin of America Launches New Website and Blog – Investing.

Technical View:

The BTC appreciates on Wednesday and remains well supported above $38,000 mark.
The pair made intraday high at $38,371 and low at $37,665 mark.
Today a day chart and H1 chart with triple EMA suggest bearish trend for the time being.
A sustained close above $38,500 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $37,100 on H1 chart requires for the downside rally.

SUPPORTS	RESISTANCES
$37,100	$38,500
$36,500	$38,900
$36,050	$39,400
$35,550	$39,650
$35,100	$40,200

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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