Past Performance Bitcoin prices are up eight percent from recent lows when riding, breaking above FWB:27K and 27.5k, two of last week's resistance lines. At this pace, there are hints that BTC bulls are building momentum. However, whether this will continue depends on how prices close. A sharp close above 27.5k, confirming yesterday's gains, would likely lift BTC to 28.3k and better in subsequent sessions.
#Bitcoin Technical Analysis Overall, the medium to long-term price formation is bullish. The rejection of lower prices and rebound from 25.8k in the last few trading days suggests confidence. Even so, it will be critical that bulls close above 27.5k and the middle BB today. In that case, there could be more gains towards 28.3k in the days ahead in a buy trend continuation formation. The resulting formation means that the primary support of the bull flag will be at 25.8k, while buyers should target FWB:31K or April 2023 highs. Any dump from spot rates below this key support level disqualifies bulls, canceling this preview.
What to Expect From BTC? BTC is technically bullish from a top-down preview. Prices failed to move lower and have swung back, closing above last week's consolidation. Since the FWB:27K and 27.5k zone represented a strong liquidation line, the surge of May 26 through 27 could anchor the leg up to 28.3k or better in upcoming sessions. Resistance level to watch: 28.3k Support level to watch: 26k
Disclaimer: Opinions expressed are not investment advice. Do your research.