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Technical Analysis for BTCUSD for 23rd June 2022

Bitcoin in Range Mode above $20k, Slowing Down Optimistic Bulls

Past Performance of BTC

Bitcoin prices are trading above $20k but within a tight trade range inside the June 19 bull bar. Technically, this is bullish, and there could be further price extensions if prices hold above the $20k psychological level. At press time, Bitcoin is stable in the past trading day but down eight percent in the previous trading week.

Bitcoin Technical Analysis

There are flashes of strength following the gains of June 19. While buyers may double down, loading on dips above $20 and within the conspicuous bullish engulfing bar of June 19, a clear trend will emerge once there is a conclusive close above $23k. There has been no solid confirmation of last weekend's gains to officially mark the beginning of the next leg up. At present, however, BTC prices are within a narrow trade range though there are encouraging higher highs relative to the lower BB.

What to Expect from BTC

Traders are confident of what lies ahead. Nonetheless, there has been no confirmation of last weekend's gains, cementing bulls. Still, an expansion above this week's highs at around $21.8k may trigger demand, possibly lifting Bitcoin towards $23k in the short term.

Resistance level to watch: $23k

Support level to watch: $20k

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

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