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Technical Analysis for BTCUSD for 27th June 2022

Bitcoin Stabilizes, BTC Bulls Find Strong Resistance at $23k

Past Performance of BTC

The Bitcoin price is up seven percent in the past trading week, outperforming the USDT. Even so, prices are trading within a tight trade range. The good news is that prices are firm above $20k, and buyers are firm, likely to break above $23k in the next few trading days, solidifying the bullish preview.

Bitcoin Technical Analysis

Bulls have the upper hand in the short term. Since the recovery from 2022 lows at around $17.6k, aggressive BTC buyers have been loading the dips. Nonetheless, there has been no solid confirmation of the June 19 bullish engulfing bar. A close above $23k, preferably with rising trading volumes, could be the base for another leg up towards $26.7k in the short term. From the Bitcoin candlestick arrangement in the daily chart, aggressive traders can load the dips and align with the June 19 formation as they anticipate more gains. Their positive preview will hold, provided prices are trending above $20k and $17.6k.

What to Expect from BTC

Traders are bullish, considering their resilience and ability to soak in selling pressure. From a top-down preview, Bitcoin is within a bearish formation. Still, the trend could swing to favor determined bulls if there is a solid close above $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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