Technical Analysis for BTCUSD for 27th June 2023
Bitcoin Uptrend Holds, Bulls in Charge above $30k
Past Performance of BTC
Bitcoin Technical Analysis
The path of least resistance is northwards, and bulls, despite the rejection of higher highs, have support above $30k and $28.3k on the lower end. The June 21 high-volume, wide-ranging bar anchors the current formation. Since recent bear bars have light volumes, every low above $30k and, ideally, $28.3k are entries for aggressive, risk-off buyers targeting $32.5k. This forecast holds from an effort-versus-result perspective. It will be null only once there are sharp losses below $28.3k at the back of expanding volumes exceeding those of June 21, the leading bar of the current formation.
What to Expect from BTC
Buyers are optimistic and pumped by fundamental factors. This confidence holds provided prices are trending above immediate support levels and the lower low bars are with light trading volumes. Any upswing above last week's highs could propel BTC to new 2023 territory.
Resistance level to watch: $31.3k
Support level to watch: $29.8k, $28.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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