#Bitcoin Selloff Drops, BTC Upside Limited at $27k
Past Performance of Bitcoin
Bitcoin is down but steady, looking at price action in the daily chart. There are attempts of higher highs in the lower time frames, but the downtrend remains. As it is, primary resistance levels remain at May 24 highs at around
27K
and $27.5k.
#Bitcoin Technical Analysis
The path of least resistance is southwards, and BTC is within a bear formation. Overall, traders can look for short entries if prices are inside the May 24 bear trade range and below $27k. In a bear breakout, every attempt higher is a retest of the previous support turned resistance. The trend is clear, and sellers can double down, targeting last week's lows at around $25.8k. Deeper losses may trigger even more drawdown towards $22.5k and $20k.
What to Expect from #BTC?
Bulls are confident since the BTC price action is broadly within a bullish formation in higher time frames. The immediate support is $25.8k. Still, the upside is capped at around
27K
and last week's highs. Bears will continue dominating as long as prices cannot float back to the primary bullish trend.
Resistance level to watch:
27K
Support level to watch: $25.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin is down but steady, looking at price action in the daily chart. There are attempts of higher highs in the lower time frames, but the downtrend remains. As it is, primary resistance levels remain at May 24 highs at around
27K
and $27.5k. #Bitcoin Technical Analysis
The path of least resistance is southwards, and BTC is within a bear formation. Overall, traders can look for short entries if prices are inside the May 24 bear trade range and below $27k. In a bear breakout, every attempt higher is a retest of the previous support turned resistance. The trend is clear, and sellers can double down, targeting last week's lows at around $25.8k. Deeper losses may trigger even more drawdown towards $22.5k and $20k.
What to Expect from #BTC?
Bulls are confident since the BTC price action is broadly within a bullish formation in higher time frames. The immediate support is $25.8k. Still, the upside is capped at around
27K
and last week's highs. Bears will continue dominating as long as prices cannot float back to the primary bullish trend. Resistance level to watch:
27K
Support level to watch: $25.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
