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Technical Analysis for BTCUSD for 15th June 2023

Bitcoin Falls Below Bull Flag, BTC Dumping to $22.5k?

Past Performance of BTC

The broader financial market reacted negatively to the FED's decision on June 14. Bitcoin is lower, below $25k, an unexpected development. The coin is in a breakout formation, reading from the formation in the daily chart. With prices below $25k, BTC is likely headed towards $22.5k, allowing traders to ride the emerging trend as bears seize control.

Bitcoin Technical Analysis

The path of least resistance is southwards from reading the candlestick arrangement in the daily chart. As it is, primary resistance is at $25k, while support is around the $22.5k zone in the current breakout formation. With the high volume break below $25k and the bull flag on June 14, losses of June 5 have been confirmed in a bear trend continuation formation. Subsequently, traders can look for entries to short on every attempt higher while targeting $25.5k. Any upswing above $27.3k nullifies this preview.

What to Expect from BTC

Bears are in charge, and BTC may likely drop below $22.5k after a period of tight consolidation in the daily chart. After a definitive, high-volume break of June 14 that is now shaping the immediate to medium-term trend, BTC is likely to tumble towards the $20k zone.

Resistance level to watch: $25k

Support level to watch: $22.5k

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

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