Technical Analysis for BTCUSD for 30th May 2023
Bitcoin Upside Stalls, BTC Bulls Hopeful of Gains to $31k
Past Performance of BTC
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.
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.