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Technical Analysis for BTCUSD for 20th June 2023

Bitcoin Bulls Confident, BTC Likely to Pierce above $27.3k

Past Performance of BTC

Bitcoin continues to float higher when writing, and prices will likely breach the $27.3k level in the coming hours. From the daily chart, BTC prices are resilient and have reversed recent losses, tracking higher and likely to confirm buyers of June 6. As it is, traders can load on dips with even more opportunities above $27.3k, with the immediate target at $28.3k or better in the days ahead.

Bitcoin Technical Analysis

BTC prices are choppy and volatile when writing. Despite recent gains, there must be a comprehensive close above $27.3k with expanding volumes for the buyers of June 6 to be valid. Before then, conservative traders can watch from the sidelines. A wide-ranging bull bar with expanding volumes breaching $27.3k may signal trend continuation and a possible rally toward April highs at $31k. Meanwhile, aggressive, risk-off traders can load on dips above $26k, targeting June 6 highs of $27.3k.

What to Expect from BTC

Overall, the path of least resistance is upwards, reading from the BTCUSDT candlestick arrangement in the daily chart. BTC prices are still within a bull flag, and buyers are beginning to assert themselves. Only once there are gains above June 5 and 6 can buyers confidently load, expecting even more gains ahead.

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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