#Bitcoin Ranging with Shrinking Volumes, Primary Support at $25k
Past Performance of Bitcoin
Bitcoin continues to trade under a tight trade range and above clear support and resistance levels, as evident in the daily chart. Even though there is a tinge of optimism with traders expecting the coin's fortunes to turn around, the reaction at
25K
and $27.3k could shape the near-term formation of the coin. The coin's volatility is muted for now, and prices are within the June 6 bull bar.
#Bitcoin Technical Analysis
In the short term, the June 6 bar is critical for the immediate trajectory of Bitcoin. On the upper end, the June 6 high is $27.3k, while support is $25.3k. This $2k range has confined the trader range of the past seven trading bars—all of which are with light volumes. Accordingly, from an effort-versus-result perspective, bulls have the upper hand. However, this preview will be null if BTC crashes below
25K
with rising volumes similar to or better than June 6. Therefore, the current trend remains neutral unless there is a wide-ranging bar from the current level towards $27.3k or breaking vigorously toward $22.5k.
What to Expect from #BTC?
Traders are optimistic, but prices are within a tight trade range. Conservative traders can wait for breakouts above or below present reaction levels for trend definition. Before then, buyers are in charge from a top-down preview despite recent days of lower lows.
Resistance level to watch: $27.3k
Support level to watch:
25K
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin continues to trade under a tight trade range and above clear support and resistance levels, as evident in the daily chart. Even though there is a tinge of optimism with traders expecting the coin's fortunes to turn around, the reaction at
25K
and $27.3k could shape the near-term formation of the coin. The coin's volatility is muted for now, and prices are within the June 6 bull bar. #Bitcoin Technical Analysis
In the short term, the June 6 bar is critical for the immediate trajectory of Bitcoin. On the upper end, the June 6 high is $27.3k, while support is $25.3k. This $2k range has confined the trader range of the past seven trading bars—all of which are with light volumes. Accordingly, from an effort-versus-result perspective, bulls have the upper hand. However, this preview will be null if BTC crashes below
25K
with rising volumes similar to or better than June 6. Therefore, the current trend remains neutral unless there is a wide-ranging bar from the current level towards $27.3k or breaking vigorously toward $22.5k. What to Expect from #BTC?
Traders are optimistic, but prices are within a tight trade range. Conservative traders can wait for breakouts above or below present reaction levels for trend definition. Before then, buyers are in charge from a top-down preview despite recent days of lower lows.
Resistance level to watch: $27.3k
Support level to watch:
25K
Disclaimer: Opinions expressed are not investment advice. Do your research.
