A Daily Outlook: BTC/USD; May 06, 2022

Top 5 Headlines on Digital Currency:

  • Binance supports Elon Musk’s Twitter (NYSE:TWTR) takeover by contributing $500 million in funding – Investing.
  • The Italian luxury fashion label Gucci has announced that it will begin accepting Dogecoin, Shiba Inu, and other cryptocurrencies as it looks to expand its presence in the crypto industry – Investing.
  • Freedom Squares is a brand new Ethereum NFT collection which aims to raise funds for a couple of well-known relief organizations working in Ukraine – Investing.
  • Luna Foundation Guard (LFG), a Singapore-based nonprofit tied to the Terra Luna ecosystem, has raised another $1.5 billion to further expand its already hefty Bitcoin (BTC) reserves – Investing.
  • Decentralized finance firm Qredo has received approval for registration as a Bitcoin (BTC) service provider in El Salvador – Investing.

Technical View:

  • The BTC spiked down sharply in previous session amid strengthening U.S. dollar and touched $35,500 mark in previous session.
  • The pair made intraday high at $36,648 and low at $36,138 mark.
  • Today a day chart and H1 chart with triple EMA suggest bearish trend for the time being.
  • A sustained close above $37,100 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $36,200 on H1 chart requires for the downside rally.
$36,200 $37,100
$35,500 $37,950
$35,050 $38,400
$$34,600 $38,780
$34,000 $39,300


Take a look and do trade wisely!
Good Luck

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