#Bitcoin Bulls Fail to Follow-Through, BTC Bearish Below $28.3k
Past Performance of Bitcoin
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.
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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