Technical Analysis for BTCUSD for 9th June 2023
Bitcoin Accumulates, BTC Finds Strength above $26k
Past Performance of BTC
Bitcoin Technical Analysis
The daily chart shows buyers are confident, and prices are stuck inside a bull flag. However, the failure of higher highs means buyers are not confident, or the underlying momentum is fading. For this reason, risk-averse traders can wait on the sidelines until a precise signal forms. That will be a comprehensive, wide-ranging, high-volume close above $28.3k. The bar will align with buyers from mid-March and confirm strength from May 28 and June 28. If bears press on, how prices react at June 5 lows will shape the short to medium-term formations.
What to Expect from BTC
Traders are overly bullish, but how fast prices will tear higher depend on the underlying momentum. Prices are within a bullish formation, with caps at $28.3k and $30k on the upper hand. A break above this zone could propel BTC to new weekly highs in a significant boost for optimistic buyers.
Resistance level to watch: $28.3k
Support level to watch: $25.8k
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