Technical Analysis for BTCUSD for 29th May 2023
Bitcoin Breaks Higher, Recovery Completes a Bull Flag?
Past Performance of BTC
Bitcoin Technical Analysis
Overall, the medium to long-term price formation is bullish. The rejection of lower prices and rebound from $25.8k in the last few trading days suggests confidence. Even so, it will be critical that bulls close above $27.5k and the middle BB today. In that case, there could be more gains towards $28.3k in the days ahead in a buy trend continuation formation. The resulting formation means that the primary support of the bull flag will be at $25.8k, while buyers should target $31k or April 2023 highs. Any dump from spot rates below this key support level disqualifies bulls, canceling this preview.
What to Expect from BTC
BTC is technically bullish from a top-down preview. Prices failed to move lower and have swung back, closing above last week's consolidation. Since the $27k and $27.5k zone represented a strong liquidation line, the surge of May 26 through 27 could anchor the leg up to $28.3k or better in upcoming sessions.
Resistance level to watch: $28.3k
Support level to watch: $26k
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