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.
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