Technical Analysis for BTCUSD for 28th June 2022
Bitcoin Corrects from $22k amid Shrinking Trading Volumes
Past Performance of BTC
Bitcoin is trading within a tight trade at spot rates, as per the development in the daily chart. A notable observation is that trading volumes are also relatively low, explaining muted price action in the past two days. Still, prices are steady above the $20k psychological support level, a net positive for buyers expecting more gains in the short to medium term.
Bitcoin Technical Analysis
BTC prices are within a bear breakout formation, reading from the BTCUSDT candlestick arrangement. Although bulls are confident, sellers are in control provided prices are below the $23k immediate liquidation level. Thus far, Bitcoin is within the June 16 to 18 bear trade range, and volumes are comparatively low, favoring sellers. Nonetheless, as long as prices are above $20k, buyers stand a chance. Considering this formation, risk-averse traders may wait for a clean, high volume break above $22k and later $23k before initiating long positions. On the flip side, deep losses below $19.7k and June 23 lows may slow down demand, forcing BTC towards 2022 lows.
What to Expect from BTC
Buyers stand a chance even though the primary trend is bearish. In the days ahead, traders should watch the immediate reaction points at $22k and $23k—on the upper side, and June 23 lows 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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