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Technical Analysis for BTCUSD for 30th May 2023

Bitcoin Upside Stalls, BTC Bulls Hopeful of Gains to $31k

Past Performance of BTC

Bitcoin remains within a bullish formation, visible from the daily chart. Even though the upside is capped and there has been no confirmation of the May 28 bull bar, the path of least resistance is upwards, at least reading from the current candlestick arrangement. Immediate support is between $27k and $27.5k, and the middle BB on the lower end. Any surge above $28.3k and yesterday's highs may ignite further gains.

Bitcoin Technical Analysis

Buyers are hopeful, and there could be a broad recovery should BTC print higher today. For now, bulls remain in charge since the price action of the past day didn't reverse the gains of May 28. The anchor bull bar had high trading volumes and is wide-ranging, breaking above the $27.5k upper limit of the recent consolidation. Therefore, from an effort versus result perspective, traders should look for entries on every attempt above $27k and May 28 lows. On the flip side, conservative traders can wait for a solid close above $28.3k with expanding volumes to add to their longs while targeting $30k and $31k, respectively.

What to Expect from BTC

Overall, BTC appears to be recovering. However, there needs to be a strong close above $28.3k, reversing May 29 losses for the upside momentum to continue. As it is, Bitcoin remains in a bullish breakout formation above the middle BB, previous resistance, supporting bulls.

Resistance level to watch: $28.3k

Support level to watch: $27k

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

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