Technical Analysis for BTCUSD for 28th June 2023
Bitcoin Soaks Selling Pressure; Will BTC Rally Above $31.3k?
Past Performance of BTC
Bitcoin Technical Analysis
Traders are upbeat, but BTC, at the moment, remains inside a horizontal range with caps at $31.3k and $29.8k support. Unless there is a comprehensive, high-volume close above last week's highs, conservative, risk-on traders can wait for trend definition. Only after then can they search for loading entries to buy on dips in a buy trend continuation formation that could lift BTC towards $32.5k. Even so, BTC remains within a bullish formation, and the contraction from last week has formed a minor bull flag. The uptrend will be valid if prices are inside the June 21 to 23 trade range.
What to Expect from BTC
Risk-off traders can load on dips, expecting Bitcoin to resume the uptrend. Traders are bullish, but this can change if the upside momentum is not sustained above the $29.8k primary support level.
Resistance level to watch: $31.3k
Support level to watch: $29.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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