May 16, 2022

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Cryptocurrency strategy for the weekend of May 6-9, 2022

Cryptocurrency strategy for the weekend of May 6-9, 2022

The start of the month is currently negative for the development of the top 10 cryptocurrencies, and in particular, the past 24 hours have been worn in red.

After Powell’s words in his conference call on Wednesday, he and he joined the party with strong upward moves that lasted two hours, until the close of the US money market.

During the early morning session and the US opening, the two cryptocurrencies maintained their consolidation movement to the gains on Wednesday, after the release of data on unemployment benefits and labor costs in the US and after that the negative US opening, the , the, and the rest of the currencies. Indices continued their strong bearish movement, with Bitcoin and Ethereum joining once again.

Bitcoin broke the $37,000 support during yesterday’s session, levels that have been working until that date. A break of this support set a new downside target at 34,800/33,100, January 2022 levels. The resistance now has it again at $37,000/39,000, only a break-up to the upside will leave us with new targets at 40,200.

Bitcoin
Bitcoin

Balance last 7 days and 24 hours

Source: Investing.com

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