#Bitcoin Falls Below Bull Flag, BTC Dumping to $22.5k?
Past Performance of Bitcoin
The broader financial market reacted negatively to the FED's decision on June 14. Bitcoin is lower, below
25K
, an unexpected development. The coin is in a breakout formation, reading from the formation in the daily chart. With prices below
25K
, BTC is likely headed towards $22.5k, allowing traders to ride the emerging trend as bears seize control.
#Bitcoin Technical Analysis
The path of least resistance is southwards from reading the candlestick arrangement in the daily chart. As it is, primary resistance is at
25K
, while support is around the $22.5k zone in the current breakout formation. With the high-volume break below
25K
and the bull flag on June 14, losses of June 5 have been confirmed in a bear trend continuation formation. Subsequently, traders can look for entries to short on every attempt higher while targeting $25.5k. Any upswing above $27.3k nullifies this preview.
What to Expect from #BTC?
Bears are in charge, and BTC may likely drop below $22.5k after a period of tight consolidation in the daily chart. After a definitive, high-volume break of June 14 that is now shaping the immediate to medium-term trend, BTC is likely to tumble towards the $20k zone.
Resistance level to watch:
25K
Support level to watch: $22.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
The broader financial market reacted negatively to the FED's decision on June 14. Bitcoin is lower, below
25K
, an unexpected development. The coin is in a breakout formation, reading from the formation in the daily chart. With prices below
25K
, BTC is likely headed towards $22.5k, allowing traders to ride the emerging trend as bears seize control. #Bitcoin Technical Analysis
The path of least resistance is southwards from reading the candlestick arrangement in the daily chart. As it is, primary resistance is at
25K
, while support is around the $22.5k zone in the current breakout formation. With the high-volume break below
25K
and the bull flag on June 14, losses of June 5 have been confirmed in a bear trend continuation formation. Subsequently, traders can look for entries to short on every attempt higher while targeting $25.5k. Any upswing above $27.3k nullifies this preview. What to Expect from #BTC?
Bears are in charge, and BTC may likely drop below $22.5k after a period of tight consolidation in the daily chart. After a definitive, high-volume break of June 14 that is now shaping the immediate to medium-term trend, BTC is likely to tumble towards the $20k zone.
Resistance level to watch:
25K
Support level to watch: $22.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
