Bitcoin Tears Higher, Rallies 16% As Buyers Target $31k
Past Performance of Bitcoin
Bitcoin is up 16% from its June 2023 lows and is trading above key support levels. With BTC above 28k, buyers are in control, and there could be more headroom in the days ahead. Per the BTCUSDT candlestick arrangement, every low above 27.3k may offer entries for traders angling for more gains toward 30k and
31K in future sessions.
Bitcoin Technical Analysis
The upswing of June 20 is with rising trading volumes, validating the breakout above 27.3k. As it is, BTC is within a bullish breakout formation, trading above the June 6 highs and confirming buyers of the bullish engulfing bar. Subsequently, as price action aligns with the dominant trend, traders can look to ramp up on every attempt lower but within the June 20 bull bar and above 27.3k. This forecast is supported since BTC is in a bullish breakout above a multi-week resistance trend line. As such, traders can look to load the dips with eyes on May and April 2023 highs.
What to Expect from BTC?
Bulls will likely flock back, buying as traders aim to capitalize on the bullish breakout bar of June 20. Following this preview, BTC will likely remain supported today. As such, traders can look to continue loading on dips with a possibility of BTC printing new H2 2023 highs in sessions ahead.
Resistance level to watch: 30k
Support level to watch: 27.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin is up 16% from its June 2023 lows and is trading above key support levels. With BTC above 28k, buyers are in control, and there could be more headroom in the days ahead. Per the BTCUSDT candlestick arrangement, every low above 27.3k may offer entries for traders angling for more gains toward 30k and
31K in future sessions. Bitcoin Technical Analysis
The upswing of June 20 is with rising trading volumes, validating the breakout above 27.3k. As it is, BTC is within a bullish breakout formation, trading above the June 6 highs and confirming buyers of the bullish engulfing bar. Subsequently, as price action aligns with the dominant trend, traders can look to ramp up on every attempt lower but within the June 20 bull bar and above 27.3k. This forecast is supported since BTC is in a bullish breakout above a multi-week resistance trend line. As such, traders can look to load the dips with eyes on May and April 2023 highs.
What to Expect from BTC?
Bulls will likely flock back, buying as traders aim to capitalize on the bullish breakout bar of June 20. Following this preview, BTC will likely remain supported today. As such, traders can look to continue loading on dips with a possibility of BTC printing new H2 2023 highs in sessions ahead.
Resistance level to watch: 30k
Support level to watch: 27.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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