This website uses cookies to ensure you get the best experience on our website

Technical Analysis for BTCUSD for 21st June 2022

Bitcoin Bulls Build on Gains; will BTC Prices Edge Past $23k?

Past Performance of BTC

Per the BTC candlestick arrangements in the daily chart, buyers appear to be in control. Bitcoin is about to retest the $21k day less than 72 hours after dropping to as low as $17.6k over the weekend. Although there are valid concerns that this welcomed bounce could be a dead cat bounce and a trap for optimistic bulls, aggressive traders may find entries to double down. In the short term, the immediate reaction line is at the $23k reaction level—a critical Fibonacci reaction line.

Bitcoin Technical Analysis

There is a double bar pattern in the daily chart signaling strength. Notably, yesterday's confirmation of the bullish bar of June 19 may confirm the strength and possible local bottoms. The June 19 bar has high trading volumes and completely reverses the losses of June 18, a bullish development. With buyers adding to their longs and prices diverging from the lower BB, indicating shifting momentum, traders may scour for opportunities to go long. The immediate target will be the 61.8 percent Fibonacci retracement level of the June 1 to 18 trade range at around $23k.

What to Expect from BTC

BTC prices may float higher going forward, reading from the arrangement in the daily chart. However, how bulls react at $23k would define the short to medium-term price trajectory.

Resistance level to watch: $23k

Support level to watch: $17.5k

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

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020