Technical Analysis for BTCUSD for 23rd June 2023
Bitcoin Breaks Out, Will Traders Take Out $31k?
Past Performance of BTC
Bitcoin Technical Analysis
The uptrend is clear, and BTC is back to the upswing of March and April 2023. Following gains, BTC is within a breakout formation, surging above a multi-week resistance trend line. At spot rates, every low above $28.3k allows aggressive traders to load up and target $31k. This preview is supported by strong underlying momentum, considering bars are banding along the upper BB. At the same time, there is high volatility looking at the divergence between the middle BB and the upper BB. As BTC prices look to break out from the bull flag, there could be an opportunity for conservative traders to explore entries with targets at $31k. A comprehensive close above April highs may offer even better entries.
What to Expect from BTC
Traders are upbeat and confident. Even so, unless BTC edges above $31k, closing above April highs, sellers stand a chance. Notice that prices are within a bull flag after the drop in May 2023.
Resistance level to watch: $31k
Support level to watch: $28.3k
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