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Technical Analysis for BTCUSD for 31st May 2023

Bitcoin Slips but Remains in a Bullish Frame, BTC Has a Chance for $31k?

Past Performance of BTC

Bitcoin prices are down but firm when writing. Although there has been no confirmation of recent gains, bulls have been holding on, keeping prices within the May 28 range. Moreover, the immediate trend is bullish, with the wide engulfing bullish bar of the weekend shaping the current trend. As it is, BTC has resistance at around $28.3k with support at $27k.

Bitcoin Technical Analysis

The revival of BTC prices means the coin is in a broader consolidation in a bullish path defined by gains from mid-March 2023. Technically, buyers are confident, and this formation remains, especially if there is a follow-through of the May 28 gains. A bullish bar breaking above $28.3k may lift BTC towards $30k and later $31k in a bullish continuation formation to the upper range of the current consolidation. In this case, this could confirm that the recent drawdown was a retest of February highs. Therefore, at spot rates, aggressive traders may load on dips above $27k, expecting more gains. Conversely, any unexpected drop below $25.8k cancels this preview from an effort-versus-result perspective, swinging price action back in favor of sellers.

What to Expect from BTC

BTC is under pressure but bullish inside the May 28 bar. Overall, the coin is in a sideways consolidation favoring buyers from a top-down preview. If prices are above $25.8k, marking May 2023 lows, the upside remains, and price action will stay in a bull flag.

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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