BTCUSD – Weekly outlook for Bitcoin Price – 28th May 2022

Introduction

The writer of Rich Dad Poor Dad Robert Kiyosaki says he is still bullish on bitcoin even as the price drops down to the $12000 mark, He plans to open a long position if the price bottoms at those zones. Online brokers and other cryptocurrency investors remain bullish while patiently waiting for the price to find its support zone.

BTCUSD Technical Analysis

Monthly Chart Bullish 

Monthly Resistance Levels: 69000, 48000

Monthly Support Levels: 25000, 11000.

The rapid crash of bitcoin led to a panic sell-off by short-term online brokers and the crypto market has seen traders and investors take a break in the crypto market. However, a tweet shows that the number one coin (BTC) stock-to-flow (S2F) deflection hit an all-time low of 0.276 which means that the worth of bitcoin assets is at 27.6% of what the S2F model estimates it to be. 

The model also attempted to predict bitcoin’s future price as of 2026 when it considers the insurance rate after it undergoes a block reward halving it was introduced in the first quarter of 2019 when it was used to align bitcoin’s historical price to a certain degree going by parabolic measurement.

The monthly chart shows that the BTC/USD pair is still controlled by the Bears and the price is retesting the support zone again for either a breakout below for the trend to continue or we see rejections of the price from the zones.

Weekly Chart

Weekly Resistance Levels: 44000, 50000.

Weekly Support Levels:  25000, 11000

Online brokers with bullish ambition will be patient like Kiyosaki who wants to go bullish on the BTC/USD pair once the bottom can be established on the chart. Robert Kiyosaki has always expressed his distrust for the Joe Biden administration, the Feds, and the Treasury, he blamed them for the high level of inflation. He has always recommended that online brokers and investors should invest in bitcoin, Gold, Silver, and Ethereum also.

The weekly candle is not showing the strong momentum as it did two weeks ago and took the price down to the 25000 level of support that brought fear into the market. If the zone is respected and the support level is not broken, the buyers who intend to long will position their orders for a bullish rally. 

However, the trend favors the online brokers selling the BTD/USD pair. If the sellers can take out the support level of 25000, the price will head for the previous resistance turned into support.

Daily Chart

Daily Resistance 52100, 48000

Daily Support 30000, 20000, 25000.

The  BTC/USD on the daily timeframe is ranging after the pair had a strong drop some days back. The crypto market saw about a 36% drop from the high of 40000 to the support level of 25000 before it pulled backed. The bitcoin market has been ranging for days because of the unpredictable behavior of traders and market sentiment. 

Will the BTC/USD pair breakout below the 25000 zone for the bear’s momentum to continue or the Bulls will increase their buying pressure to overturn the bear’s move to its favor? The price is sitting in a psychological zone and the direction of the market may continue to favor the sellers if the greed is higher than the fear factor in the market.

H4 Chart

4-Hour Resistance 40000, 32000.

4Hour Support    28000, 20000.

On the H4 timeframe, you can see that the market is choppy as the bears and bulls battles range between the 32000 level and 28000 levels. The price of Bitcoin is very unstable as the price of bitcoin surges up quickly and drops quickly also.

The BTC/USD pair will have to break away from the zones for it to have a directional bias because the area is a psychological zone and the level of uncertainty is high in the crypto market as the fear and greed factor is high on the index.

Bullish Scenario:

The Bullish traders who wish to go long will wait for confirmation around the zone for the zone to reverse the bear’s trend into a bullish trend. The 28000 level is a key zone for online brokers with a long position. A close below the zone favors the bears on the H4 time frame.

Bearish Scenario

The daily chart indicates that the market sentiment remains bearish if the Bears can close lower than the support zone of 28000 level, the market will continue the bearish scenario.

Bitcoin BTC News Events 

THE LAUNCHING OF THE COMMUNITY SCAM REPORTING PLATFORM “CHAINABUSE”

The previous reports about scammers, hackers, and other fraudulent activities that the crypto firms have encountered have led to the launching of a community-powered scam reporting platform a new multi-chain scam reporting platform. Some crypto firms like came together to launch the platform and it is operational based on blockchain intelligence firm TRM Labs. It is a free tool to warn others about hackers, scammers, or other frauds happening in any firm.

This tool enables users to help make the crypto ecosystem a safe place for legitimate crypto businesses. The platform provides room for filling out reports through Bitcoin, Solana, Polygon, Ethereum, Hedera, Tron, and Binance Smart Chain. The platform gives room for the reports to be upvoted or downvoted by the team.

The Chainabuse platform report is to help alert innocent users of cryptos to be aware of scams happing and does not have any affiliation with any law enforcement for it to file a report on behalf of the user. However, the FAQ page explains more of its functions.

The chainabuse team encourages the victims of cryptocurrency to identify the relevant law enforcement agency within their jurisdiction for filing the report including the Europol agency, and the FBI’s IC3.

BTCUSD Conclusion and Projection

The crypto has its related problems and the government might want to seize all cryptocurrencies and convert them into government-controlled crypto according to Kiyosaki. He also sees the Russia and Ukraine war as a safe haven for crypto than the government fiat and fake money.

The Psychological zone of 25000 level on the BTCUSD daily chart is key for online brokers and investors because it will determine the next direction bias for the crypto market.

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