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May 20, 2022

BTC Consolidates Around $30,000 mark, A Consistent Close Above $30,500 Requires for the Upside Rally; May 20, 2022

Top 5 Headlines on Digital Currency:

According to Santiment, idle Bitcoin addresses have become active again after being dormant for a long period – ambcrypto.
Ethereum drops below its $2k mark as trading volumes decrease. Market sentiment seems low despite the upcoming proof-of-stake merge – ambcrypto.
Shiba Inu’s burn rate soared by 800% in 24 hours.
The sudden spike in burn rate occurred after the crypto started awarding $burntSHIB, which could be used to get RYOSHI – ambcrypto.
Do Kwon’s governance proposal that could fork the Terra blockchain has seen 85% of votes from LUNA holders favoring the split – ambcrypto.
Ripple will be partnering with a Lithuanian fintech firm to facilitate cross-border money transfers – ambcrypto.
Binance said it has been trying to acquire a regulatory permit in Germany. The cryptocurrency exchange already engages with regulators across Europe – ambcrypto.

Technical View:

The BTC trades flat on Friday and trading above $30,000 mark.
The pair made intraday high at $30,725 and low at $29,834 mark.
Today a day chart is down and H1 chart with triple EMA suggests up trend for the time being.
A sustained close above $30,500 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $29,800 on H1 chart requires for the downside rally.

SUPPORTS	RESISTANCES
$29,800	$30,500
$29,200	$31,300
$28,610	$31,900
$28,000	$32,400
$27,500	$32,650

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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