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Technical Analysis for BTCUSD for 29th May 2023

Bitcoin Breaks Higher, Recovery Completes a Bull Flag?

Past Performance of BTC

Bitcoin prices are up eight percent from recent lows when riding, breaking above $27k and $27.5k, two of last week's resistance lines. At this pace, there are hints that BTC bulls are building momentum. However, whether this will continue depends on how prices close. A sharp close above $27.5k, confirming yesterday's gains, would likely lift BTC to $28.3k and better in subsequent sessions.

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

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

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