Technical Analysis for BTCUSD for 6th June 2023
Bitcoin Crashes Below Critical Support, Path Back to $22.5k?
Past Performance of BTC
Bitcoin crashed on June 5 following news that the SEC is suing Binance, the world's largest crypto exchange. The dump was evidenced across the board, with BTC dragging the altcoins. The coin is below the $25.8k and $31k trade range at spot rates in a bear breakout formation. The uptick in trading volumes gives credence to bears of mid-April who have their sight on $22.5k and lower.
Bitcoin Technical Analysis
BTC is within a bear formation, crashing below the primary sell trigger at $25.8k, marking May lows. As it is, every attempt higher but below $25.8k may offer entries for sellers angling for $22.5k in the short term. This preview is supported by the June 5 anchor bar that is wide-ranging and with expanding trading volumes. The dump confirms sellers of April 19 and breaks below the primary support level of the bull flag, marking the presence of determined bears.
What to Expect from BTC
The immediate trend is bearish unless there is an unexpected expansion above $28.3k in the short term. Accordingly, traders could build on yesterday's losses, pressing lower toward the psychological $20k line.
Resistance level to watch: $25.8k
Support level to watch: $22.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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