Technical Analysis for BTCUSD for 8th June 2023
Bitcoin Bulls Fail to Follow Through, BTC Bearish Below $28.3k
Past Performance of BTC
Bitcoin prices are lower, retracing from June 7 highs, and are below $27k. At this level, bulls still have a chance as prices trend above $25.8k and volatility remains. However, for trend confirmation, there must be a close above $28.3k, the immediate resistance, and the buy trigger line. The only formation that will cancel this preview is a strong sell-off forcing BTC to dump below $25.8k, confirming sellers of June 5.
Bitcoin Technical Analysis
BTC remains in a broader consolidation that skews to favor sellers in the short term. Still, the encouraging reversals of June 5 losses reinvigorate demand, placing BTC bulls at a vantage position. Even so, conservative traders can wait for a conclusive close above $28.3k in confirmation of June 6 gains before loading on dips targeting $30k or better. On the cautious outlook, any unexpected dump that places BTC below $25.8k, confirming June 5 losses, would cancel this bullish outlook, fueling sellers angling for $22.5k in the medium term.
What to Expect from BTC
The expansion of BTC prices on June 6 was a net positive for optimistic buyers. Fundamental events, especially in the United States, might spark demand supporting Bitcoin. Nonetheless, the failure of buyers to follow through and pump BTC above $28.3k, confirming June 6 gains, is a concern.
Resistance level to watch: $28.3k
Support level to watch: $25.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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