#Bitcoin Crashes Below Critical Support, Path Back to $22.5k?
Past Performance of Bitcoin
Bitcoin crashed on June 5 following news that the SEC is suing Binance, the world's largest crypto exchange. The dump was evidenced across the board, with BTC dragging the altcoins. The coin is below the 25.8k and
31K trade range at spot rates in a bear breakout formation. The uptick in trading volumes gives credence to bears of mid-April who have their sight on 22.5k and lower.
#Bitcoin Technical Analysis
BTC is within a bear formation, crashing below the primary sell trigger at 25.8k, marking May lows. As it is, every attempt higher but below 25.8k may offer entries for sellers angling for 22.5k in the short term. This preview is supported by the June 5 anchor bar that is wide-ranging and with expanding trading volumes. The dump confirms sellers of April 19 and breaks below the primary support level of the bull flag, marking the presence of determined bears.
What to Expect From #BTC?
The immediate trend is bearish unless there is an unexpected expansion above 28.3k in the short term. Accordingly, traders could build on yesterday's losses, pressing lower toward the psychological 20k line.
Resistance level to watch: 25.8k
Support level to watch: 22.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin crashed on June 5 following news that the SEC is suing Binance, the world's largest crypto exchange. The dump was evidenced across the board, with BTC dragging the altcoins. The coin is below the 25.8k and
31K trade range at spot rates in a bear breakout formation. The uptick in trading volumes gives credence to bears of mid-April who have their sight on 22.5k and lower.#Bitcoin Technical Analysis
BTC is within a bear formation, crashing below the primary sell trigger at 25.8k, marking May lows. As it is, every attempt higher but below 25.8k may offer entries for sellers angling for 22.5k in the short term. This preview is supported by the June 5 anchor bar that is wide-ranging and with expanding trading volumes. The dump confirms sellers of April 19 and breaks below the primary support level of the bull flag, marking the presence of determined bears.
What to Expect From #BTC?
The immediate trend is bearish unless there is an unexpected expansion above 28.3k in the short term. Accordingly, traders could build on yesterday's losses, pressing lower toward the psychological 20k line.
Resistance level to watch: 25.8k
Support level to watch: 22.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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