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Technical Analysis for BTCUSD for 21st June 2023

Bitcoin Tears Higher, Rallies 16% as Buyers Target $31k

Past Performance of BTC

Bitcoin is up 16% from its June 2023 lows and is trading above key support levels. With BTC above $28k, buyers are in control, and there could be more headroom in the days ahead. Per the BTCUSDT candlestick arrangement, every low above $27.3k may offer entries for traders angling for more gains toward $30k and $31k in future sessions.

Bitcoin Technical Analysis

The upswing of June 20 is with rising trading volumes, validating the breakout above $27.3k. As it is, BTC is within a bullish breakout formation, trading above the June 6 highs and confirming buyers of the bullish engulfing bar. Subsequently, as price action aligns with the dominant trend, traders can look to ramp up on every attempt lower but within the June 20 bull bar and above $27.3k. This forecast is supported since BTC is in a bullish breakout above a multi-week resistance trend line. As such, traders can look to load the dips with eyes on May and April 2023 highs.

What to Expect from BTC

Bulls will likely flock back, buying as traders aim to capitalize on the bullish breakout bar of June 20. Following this preview, BTC will likely remain supported today. As such, traders can look to continue loading on dips with a possibility of BTC printing new H2 2023 highs in sessions ahead.

Resistance level to watch: $30k

Support level to watch: $27.3k

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

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