Technical Analysis for BTCUSD for 10th June 2022
Bitcoin Consolidates with Support at $30k; Primary Trend is Bearish
Past Performance of BTC
Bitcoin prices are trending above the middle BB. However, the failure of buyers or sellers to follow through limits trade participation. From the daily chart, trading volumes are relatively low, and the price range is tight. Currently, Bitcoin is stable, down one percent in the past trading day, with the primary trend being bearish in line with losses of early May 2022.
Bitcoin Technical Analysis
At spot rates, BTC prices are weaving along the middle BB—a reaction level--but below $32k. At the same time, prices are trending within the bull bar of May 30. Even though traders are bearish, sellers have not forced prices below $30k and $28.7k—a net positive. In upcoming sessions, losses below this week's support at around $30k may trigger a sell-off towards $28.7k. However, if buyers soak in the current selling pressure and reverse recent losses, Bitcoin may inch higher and possibly break above $32k.
What to Expect from BTC
Price action skews to favor sellers. Buyers' upsides have been limited, and $32k remains a critical resistance level. Thus far, Bitcoin prices are inside a bear flag and a broader $3.3k consolidation zone.
Resistance level to watch: $32k
Support level to watch: $30k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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