Technical Analysis for BTCUSD for 31st May 2022
Bitcoin Resurgence, BTC Prices Likely to Break above $32k
Past Performance of BTC
Bitcoin bulls are up roughly three percent at spot rates and trending higher above the bear flag. Following gains on May 30 above the bear flag, BTC prices may likely trend above $32k and break above the recent consolidation. The failure of bears to press lower and force prices below the $28.7k mark is an endorsement of strength, a net positive for buyers.
Bitcoin Technical Analysis
BTCUSDT prices are printing higher highs, adding three percent in the last trading day. Notably, BTC is solid above the bear flag, pointing to strength. A close above $32k would offer better entries for optimistic bulls. That foundation would be the base for higher highs towards $37.3k or better. Still, considering the spike in trading volumes relative to the recent bars, aggressive traders may find opportunities to buy the dips. The next immediate target would be $32k and later $34k if bulls double down.
What to Expect from BTC
After days of sideways movement, BTC prices could be breaking up. The expansion on May 30 has relatively high trading volumes pointing to trader participation. As it is, a close above $32k may see BTC bulls flow back, driving the next leg up.
Resistance level to watch: $32k
Support level to watch: $28.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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