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Technical Analysis for BTCUSD for 3rd June 2022

Bitcoin Consolidates, Finds Liquidation at $32k

Past Performance of BTC

Bitcoin prices are back into the early May 2022 trade range, reading from the performance in the daily chart. Even though the scare of June 1 caused massive liquidation, BTC prices held the line on June 2. Presently, BTC prices are back above $30k and within the May 30 bull bar. Technically, this is bullish, but sellers still have an advantage at spot rates.

Bitcoin Technical Analysis

The path of least resistance is southwards as per the formation in the daily chart. This preview holds provided prices are trading below the primary liquidation level at $32k. Further cementing this preview is the failure of bulls to close above $32k, confirming buyers of May 30. The rejection of higher prices was with relatively high trading levels as the resulting bearish engulfing bar unwound gains posted. Currently, risk-averse traders may stay on the sidelines. This is until there is a clear trend definition, either above $32k or below the support at $28.7k.

What to Expect from BTC

BTC prices are within a broader upward-momentum sapping consolidation defined by the conspicuous bear bars from May 9 through 12. This formation also means bears are still in control until there are solid, high-volume breakouts above immediate reaction lines.

Resistance level to watch: $32k

Support level to watch: $28.7k

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

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