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 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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