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May 2, 2022

Daily Outlook: BTC/USD; May 02, 2022

Top 5 Headlines on Digital Currency:

Goldman Sachs has offered its first Bitcoin- (BTC)-backed loan, in a major step forward for institutional cryptocurrency adoption on Wall Street – Investing.
Bitfinex, among the world’s largest cryptocurrency exchanges, recently announced its plans to expand into Turkey – Investing.
Elon Musk buys Twitter (NYSE:TWTR) for $44B crypto industry reacts – Investing.
Bitcoin network difficulty breaks into a new all-time high of 29.794T – Investing.
Billionaire investor Warren Buffett back bashing Bitcoin, claims it ‘doesn’t produce anything’ – Investing.

Technical View:

The BTC trades marginally higher on Monday and hovers around $39,000 mark.
The pair made intraday high at $39,153 and low at $38,373 mark.
Today a day chart is down and H1 chart with triple EMA suggests up trend for the time being.
A sustained close above $39,450 on H1 chart requires for the upside rally.
Alternatively, a consistent close below $38,500 on H1 chart requires for the downside rally.

SUPPORTS	RESISTANCES
$38,500	$39,450
$38,050	$39,900
$37,680	$40,200
$37,100	$40,800
$36,500	$41,300

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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