Technical Analysis for BTCUSD for 2nd June 2023
Bitcoin Soaking Sell Pressure; Will BTC Break Above $28.3k?
Past Performance of BTC
Bitcoin Technical Analysis
Overall, there is a glimmer of hope for bulls since the immediate trend is, after all, bullish from a top-down preview. The current trend is defined by the buying trend from March to April. Therefore, Bitcoin bulls have a chance only once there is a comprehensive close above the liquidation zone at $30k and $31k. The $28.3k level is the initial trigger that may anchor the leg up toward April highs. However, considering the failure of bulls to press on and comprehensively reverse recent losses, there is a chance that BTC may collapse below the clear support level of May despite today’s gains. Therefore, conservative traders can steer clear and wait for a breakout before initiating trades. Any loss below May lows could see BTC drop to as low as $22.5k.
What to Expect from BTC
The path of least resistance is upwards, from a top-down preview. An optimistic outlook shows that a close above $28.3k will confirm buyers of May 28, possibly setting up buyers for the next leg up to $30k in a mini-rally, an opportunity for aggressive buyers. This will be canceled once the sellers breach May 2023 lows.
Resistance level to watch: $28.3k
Support level to watch: $25.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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