#Bitcoin Bulls Optimistic, Will BTC Hold Above $26.5k?
Past Performance for Bitcoin
Bitcoin prices are lower when writing though trading higher from last week's highs and above the 25.8k support level. Overall, buyers remain bullish. Even so, there must be conclusive rallies above the 28.3k buy trigger level if the May 28 gains will anchor the upcoming trend. On the broader view, the level between
31K and 25.8k mark the upper and lower limits of the current trade range.
#Bitcoin Technical Analysis
Buyers are in control from a top-down preview, but sellers have recently been pressing on. As it is, there are hints of strength, and the bulls of May 28 may shape the immediate trend. However, for buyers to take charge in the short term, there must be a wide-ranging, high volume close above 28.3k. In that case, BTC may rise to 30k in a possible trend continuation formation from an effort versus result perspective anchoring on the May 28 bull bar. That prices are in range within the wide-ranging bull bar is critical for buyers, supporting this outlook. Conversely, this would change should BTC prices unexpectedly crash below 26.5k, reversing gains of May 28.
What to Expect from #BTC?
As it is, there is a chance of an uptrend unless there is a breakout below 25.8k, canceling out buyers of the recent weeks. That event would mean the recent sideways movement was a distribution, paving the way for losses toward 22.5k or worse. A relief rally above 28.3k and 30k may be the base for a recovery that could retest 31k.
Resistance level to watch: 28.3k
Support level to watch: 26.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin prices are lower when writing though trading higher from last week's highs and above the 25.8k support level. Overall, buyers remain bullish. Even so, there must be conclusive rallies above the 28.3k buy trigger level if the May 28 gains will anchor the upcoming trend. On the broader view, the level between
31K and 25.8k mark the upper and lower limits of the current trade range.#Bitcoin Technical Analysis
Buyers are in control from a top-down preview, but sellers have recently been pressing on. As it is, there are hints of strength, and the bulls of May 28 may shape the immediate trend. However, for buyers to take charge in the short term, there must be a wide-ranging, high volume close above 28.3k. In that case, BTC may rise to 30k in a possible trend continuation formation from an effort versus result perspective anchoring on the May 28 bull bar. That prices are in range within the wide-ranging bull bar is critical for buyers, supporting this outlook. Conversely, this would change should BTC prices unexpectedly crash below 26.5k, reversing gains of May 28.
What to Expect from #BTC?
As it is, there is a chance of an uptrend unless there is a breakout below 25.8k, canceling out buyers of the recent weeks. That event would mean the recent sideways movement was a distribution, paving the way for losses toward 22.5k or worse. A relief rally above 28.3k and 30k may be the base for a recovery that could retest 31k.
Resistance level to watch: 28.3k
Support level to watch: 26.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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