Technical Analysis for BTCUSD for 22nd June 2022
Bitcoin Buyers Adding to their Longs as BTC Targets $23k
Past Performance of BTC
Bitcoin bulls appear to be turning the corner following positive developments in the past two days. With BTC printing higher on June 21 and confirming gains of last weekend, the path of least resistance is northwards, at least in the short term. Technically, traders may search to find entries, rising with the BTC tide. On the last trading day, the coin is stable and in the process of unwinding losses of the first half of last week.
Bitcoin Technical Analysis
Bitcoin bulls are still solid as per the formation in the daily chart. As prices expand after sharp losses that saw BTC tumble over 65 percent from peaks, risk-off traders may find entries on every retracement above $20k to load on dips targeting $23k. Notice that the double bar bullish pattern of June 18 and 19 has decent volumes. Following the expansion of June 19, there has been a follow-through as prices print higher highs relative to the lower BB. This formation indicates that BTC stands to blossom in the medium term if there is a convincing break above $23k with high trading volumes.
What to Expect from BTC
Traders are confident of more gains in the short term. However, a break above $23k, a liquidation line marking June 13 lows, could see BTC surge to $28.7k as prices bottom up.
Resistance level to watch: $23k
Support level to watch: $20k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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