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BTC Daily chart 26th June 2023

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BTCUSD was able to break out of the descending channel in a convincing way, only to be halted by the 31k resistance line.

BTC is currently building up more momentum to break the 31k resistance line but will probably have to do a little bit of retracing.

Either BTC goes full beastmode and breaks 31K, with a valid retest so we are sure resistance was flipped into support.
Or, BTC will retrace back for a retest of the upper descending channel line or the 50MA trendline.
Both scenarios are bullish for BTC.

Alternatively, in a bearish scenario, BTC will drop back into the descending channel, failling to find support on the upper line or 50MA (making the recent breakout invalid).
Bullissimo
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BTCUSDBTCUSDTChart PatternsTechnical IndicatorsTechnical AnalysisTrend Analysistrendlineanalysis
Bullissimo

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.