A Quick Technical Analysis of Bitcoin | 27th-June-2022

The present price action for crypto assets appears to be benefiting from the fact that bitcoins appear to be struggling to form a bottom. The US luxury market experienced a significant recovery last week, with Nasdaq taking the lead with gains of 7.5 percent. In addition to trying a recovery bounce, the crypto markets are still closely correlated with the stock market.

With a 7-day price increase of roughly 6%, Bitcoin (BTC) has adequately recovered. Smaller investors have increased their holdings in at least one Bitcoin by profiting from the collapse of the currency. According to Glassnode’s data, between June 15 and June 25, there were 873 more bitcoin wallet addresses with more than one bitcoin.

At the time of writing BTC was trading at $21082.

Bitcoin (BTC) Chart | 27th-June-2022
Bitcoin (BTC) Chart

After hitting a low of $17,622, Bitcoin is now beginning to show some signs of recovery. The asset is currently trading sideways in a constrained band between $19,500 and $21,500 on diminishing volumes. BTC has a strong support level at $17,000 and a strong resistance level at $23,000. (38.2 percent Fibonacci Retracement Level). 

Prices are expected to rise to $28,000 after the breakout happens above $23,000 with strong volumes, while a close below 17,000 would cause further declines. Indecision and a lack of trend for the asset are indicated by a string of small candles with dropping or low volumes.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2
$17,000$19,500BTC$23,000$28,000

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in crypto ncies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.

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