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Technical Analysis for BTCUSD for 19th June 2023

Bitcoin Gains 7% as Prices Trend Above $26k, BTC Dead Cat Bounce?

Past Performance of BTC

Bitcoin is up roughly 7% from last week's low and remains within a bearish path. Despite the recovery, there must be sharp price expansions with increasing volumes above local liquidation levels in the short term. Following the reversal of June 14 losses and prices edging above $26k, aggressive long traders could find entries to double down on every drop toward $26k as they target $27.3k and $28.3k. Conversely, conservative bulls must wait for clear breakouts in either direction before ramping up, aware that the current trend is bearish despite the dead cat bounce of the past few days.

Bitcoin Technical Analysis

Resistance levels lie at $27.3k and $28.3k in the short term, while support is at $26k and last week's lows. A wide-ranging bull breakout above $27.3k would propel the coin further, away from the dynamic support line of the 20-day moving average, towards $28.3k. In turn, this could trigger demand. However, traders should be cautious considering the dump of the first half of June. Unless there are solid gains, any drop below $25k will cancel this preview, forcing BTC back towards $22k as price action aligns with the June 5 and April 19 bear bars.

What to Expect from BTC

Price action favors sellers; this preview holds unless there is a comprehensive push above $27.3k. Before then, conservative traders can track the markets, waiting for a guiding breakout. Meanwhile, the recent expansion might offer aggressive bulls an opportunity to load, provided prices are steady above $26k.

Resistance level to watch: $27.3k

Support level to watch: $26k

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

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