Technical Analysis for BTCUSD for 14th June 2023
Bitcoin Ranging with Shrinking Volumes, Primary Support at $25k
Past Performance of BTC
Bitcoin continues to trade under a tight trade range and above clear support and resistance levels, as evident in the daily chart. Even though there is a tinge of optimism with traders expecting the coin's fortunes to turn around, the reaction at $25k and $27.3k could shape the near-term formation of the coin. The coin's volatility is muted for now, and prices are within the June 6 bull bar.
Bitcoin Technical Analysis
In the short term, the June 6 bar is critical for the immediate trajectory of Bitcoin. On the upper end, the June 6 high is $27.3k, while support is $25.3k. This $2k range has confined the trader range of the past seven trading bars—all of which are with light volumes. Accordingly, from an effort-versus-result perspective, bulls have the upper hand. However, this preview will be null if BTC crashes below $25k with rising volumes similar to or better than June 6. Therefore, the current trend remains neutral unless there is a wide-ranging bar from the current level towards $27.3k or breaking vigorously toward $22.5k.
What to Expect from BTC
Traders are optimistic, but prices are within a tight trade range. Conservative traders can wait for breakouts above or below present reaction levels for trend definition. Before then, buyers are in charge from a top-down preview despite recent days of lower lows.
Resistance level to watch: $27.3k
Support level to watch: $25k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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CryptoAltum does not accept any clients under the age of 18.