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.
For more interesting tips and facts visit our Education Centre.
Have Questions?
We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!
Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.