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.
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