This website uses cookies to ensure you get the best experience on our website
CRYPTOALTUM IS EVOLVING! EXCITING CHANGES COMING SOON 

Technical Analysis for BTCUSD for 1st June 2022

Bitcoin Bulls Confident, Will BTC Prices Rally to $34k?



Past Performance of BTC

Bitcoin is on the cusp of breaking above the first major barrier at $32k, reading from the formation in the daily chart. After solid gains on May 30, the failure of buyers to conclusively follow through on May 31 may still provide entry for traders to accumulate. Ideally, entries below $32k and May 30 trade range would be perfect. At spot rates, BTC is steady versus the greenback on the past trading day but in green in the last trading week.


Bitcoin Technical Analysis

There are signs of strength in the BTCUSDT price chart, interpreting from the performance in the daily chart. Firstly, BTC prices are above the bear flag, a positive sign. The failure of bulls to confirm May 30 gains resoundingly on May 31 offers entries for aggressive buyers to tap in anticipation of the next leg up to $34k. Bitcoin prices are within the May 11 and 12 trade range, and trading volumes are relatively low versus the defining bars of early May. Therefore, there must be a comprehensive close above $34k and May 11 highs for a complete shake-off and shift of trend. In that case, BTC bulls should set their targets at $34k and $37.3k.


What to Expect from BTC

Buyers stand a chance, and revival above the bear flag is a net positive for optimistic buyers. Still, risk-averse traders should wait for a conclusive close above $36k before committing in the short term.


Resistance level to watch: $34k

Support level to watch: $29.5k


Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.


Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Amsa LLC (CryptoAltum) 2020