Technical Analysis for BTCUSD for 8th June 2022
Bitcoin Swings above $30k, Bulls’ Upside Limited
Past Performance of BTC
Bitcoin prices are back above the $30k level after the worrying dips earlier yesterday. Currently, BTC prices are stable. The ejection of lower prices from yesterday's late NY Session buoys bulls. Bitcoin is up three percent against the greenback in the past 24 hours but within a bearish formation glancing at the candlestick arrangement in the daily chart.
Bitcoin Technical Analysis
From the daily chart, BTC prices are within a broader consolidation line defined by $32k and $34k on the upper end and $29.3k and $28.7k on the lower end. Provided Bitcoin prices are within this zone, bears are in control. BTC could be distributing or accumulating depending on the breakout direction. Following the more than 50 percent dip from the all-time high, the probability of BTC breaking higher remains high. Optimistic traders can wait for a comprehensive break above $32k, fully reversing the losses of June 7 before adding the dips with targets at $34k.
What to Expect from BTC
Fundamental factors align to support BTC bulls. However, the upside is capped from a technical angle. There must be a clear breakout in either direction and trend definition before traders commit. Confirmation of early May losses may see BTC bears flow back, forcing the coin towards new 2022 lows.
Resistance level to watch: $32k
Support level to watch: $29.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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