BTC/USD Technical Analysis: Weekly and Daily Chart Insights
21 Jun 2023
Weekly Chart Technical Analysis
On the weekly chart, BTC/USD is observed to be trading within an upward channel, indicating a prevailing bullish trend. Additionally, the cryptocurrency pair is currently positioned above all Simple Moving Averages (SMA), further supporting positive sentiment. The Relative Strength Index (RSI) confirms the buying zone, reflecting the overall bullishness of the market. Similarly, the Stochastic oscillator suggests an upward trend.
- Immediate Support: 27,600
- Resistance: 29,395
The price of BTC/USD experienced a significant decline but eventually entered a range-bound phase before starting its ascent. Currently, the cryptocurrency pair is trading within an upward channel, having surpassed the previous week’s highs. It is now approaching a crucial resistance level that will determine whether the upward trend continues or undergoes a reversal.
Daily Chart Technical Analysis
According to the daily chart analysis, BTC/USD is observed to be trading within a downward channel, indicating a prevailing bearish trend. However, the cryptocurrency pair remains positioned above all Simple Moving Averages (SMA), signaling overall market stability. The Relative Strength Index (RSI) confirms the buying zone, highlighting bullish sentiment. Additionally, the Stochastic oscillator suggests an upward trend.
- Immediate Support: 28,432
- Resistance: 29,122
After a period of price increase, BTC/USD underwent a corrective phase and entered a range-bound period. Subsequently, the price started to rise again. Currently, Bitcoin is trading higher and has surpassed the previous day’s high. It is currently approaching a resistance zone. If this resistance zone is successfully breached, further upside movement is expected.
- Buy at 29,122.99
- Take Profit at 29,845.21
- Stop Loss at 28,599.65
Stay updated on the latest BTC/USD developments, monitor the support and resistance levels, and make well-informed trading decisions.