What 1-hour chart says?

May 26, 2022

Fundamental Development: The primary use case for cryptocurrency in most wealthy countries is acquiring it and holding it, trading it, or using it in various other ways to make more money. In the developing world, where access to financial and banking systems is limited or nonexistent, innovative humanitarian organizations are piloting micro-blockchain ecosystems.In the summer of 2021, Hope for Haiti was ready to launch a cryptocurrency pilot program to provide 150 mothers with cellphones, digital wallets and payment cards that use near-field communication technology. Each mom participating in its community nutrition program was set to receive $50 per month in cUSD for six months to spend on family essentials. A select group of local vendors was trained to use the system and poised to accept the cryptocurrency payments. On Aug. 14, a magnitude 7.2 earthquake rocked Haitis Tiburon Peninsula, decimating the area.





Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $30,600-$28,800 ranges.BTC is made low 29,300 and now consolidating within a range. Yesterday it made high near $23,190 and then it continue to climbed up to near 200 simple moving average. Bitcoin is struggling to gain momentum above $30,500.


Alternative Scenario: If Bitcoin fails to clear the $30,150 resistance zone, it could start another decline. An immediate support on the downside is near the $29,500 level.