Technical Analysis for BTCUSD for 12th June 2023
Bitcoin Soaks Selling Pressure; Will BTC Lose $25k?
Past Performance of BTC
Bitcoin Technical Analysis
The drop in BTC prices from June 7 to 10 has been noticeable but within the June 6 bull bar. Trading volumes were also low supporting buyers of June 6 from an effort-versus-result perspective.
In the days ahead, traders should watch how prices react at $25.3k, or June 6 lows, and $27.3k, the immediate resistance level, and June 5 highs. For buyers to take over, there must be a convincing close above $27.5k and, ideally, $28.3k with expanding volumes.
Conversely, sharp losses below $25k will invalidate this outlook, and further losses will be a bullish breakout confirming losses of June 5. In that eventuality, BTC may drop to $22.5k and $20k in a retest of March 2023 lows.
What to Expect from BTC
Buyers are confident, but BTC remains in a tight position, looking at the candlestick arrangement in the daily chart. For the uptrend to be valid, there must be a close above key resistance levels, especially $28.3k. If not, there could be more losses on the horizon.
Resistance level to watch: $27.3k
Support level to watch: $25.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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