#Bitcoin Bounce But Bearish, BTC Price Resistance at $26k
Past Performance of Bitcoin
Bitcoin recovered on June 15, but bears remain in control. The June 14 bar is critical in shaping the short-term trend. Since the candlestick is bearish engulfing and broke below the June 6 lows, the bear breakout formation set in motion by the June 5 bar remains. Technically, traders can look for entries to short on every attempt higher below the 25.5k and 26k zone, targeting 22.5k or lower.
#Bitcoin Technical Analysis
The present trend is bearish, and the June 14 bar defines the short-term. It is a bearish engulfing bar that forced the coin to new H2 2023 lows. However, while the bounce on June 15 may trigger demand, bears are in control, provided prices are within the June 14 bar from an effort-versus-result perspective. Since the recovery is also with lighter volumes, there is a high chance that the bounce may stall. Still, a breakout above 26k, reversing June 14 losses, may question the downtrend, possibly invalidating the preview, especially if bulls build on the formation over the weekend. As it is, the immediate trend in a possible bear trend continuation formation mirroring June 5 bar is 22.5k and later 20k
What to Expect from #BTC?
Technically, the uptrend remains from a top-down preview as long as gains from March to April haven't been reversed. BTC may recover above 28.3k, but before then, the immediate resistance is June 14 highs at 26k. Contractions today may draw more sellers targeting 24.5k, 22.5k, and 20k in the sessions to come.
Resistance level to watch: 26k
Support level to watch: 24.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin recovered on June 15, but bears remain in control. The June 14 bar is critical in shaping the short-term trend. Since the candlestick is bearish engulfing and broke below the June 6 lows, the bear breakout formation set in motion by the June 5 bar remains. Technically, traders can look for entries to short on every attempt higher below the 25.5k and 26k zone, targeting 22.5k or lower.
#Bitcoin Technical Analysis
The present trend is bearish, and the June 14 bar defines the short-term. It is a bearish engulfing bar that forced the coin to new H2 2023 lows. However, while the bounce on June 15 may trigger demand, bears are in control, provided prices are within the June 14 bar from an effort-versus-result perspective. Since the recovery is also with lighter volumes, there is a high chance that the bounce may stall. Still, a breakout above 26k, reversing June 14 losses, may question the downtrend, possibly invalidating the preview, especially if bulls build on the formation over the weekend. As it is, the immediate trend in a possible bear trend continuation formation mirroring June 5 bar is 22.5k and later 20k
What to Expect from #BTC?
Technically, the uptrend remains from a top-down preview as long as gains from March to April haven't been reversed. BTC may recover above 28.3k, but before then, the immediate resistance is June 14 highs at 26k. Contractions today may draw more sellers targeting 24.5k, 22.5k, and 20k in the sessions to come.
Resistance level to watch: 26k
Support level to watch: 24.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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