#Bitcoin Breaks Higher, Recovery Completes A Bull Flag?
Past Performance
Bitcoin prices are up eight percent from recent lows when riding, breaking above
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
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
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.
Bitcoin prices are up eight percent from recent lows when riding, breaking above
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
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
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.
