BTC/USD Weekly Outlook: Bearish Trend Continues
06 Jun 2023
BTC/USD WEEKLY SCENARIO
BTC/USD TECHNICAL ANALYSIS: WEEKLY CHART
In the weekly chart, BTC/USD is trading in the down channel.
BTC/USD is currently trading below 5&20 SMA.
RSI is in buying zone, which shows bullishness. Stochastic is suggesting a downtrend.
Its immediate support is at 25816.33 & the resistance is at 27474.99
On the weekly chart, BTC/USD has been trading in a range for some time, BTC/USD made a break to the upside, but as we can see, it did not stay there and the price started to fall currently, it is trading in an important support area. if this zone is broken, we can expect a further decline.
BTC/USD TECHNICAL ANALYSIS: DAILY CHART
In the daily chart, BTC/USD is trading in the down channel.
BTC/USD is currently trading below All SMA.
RSI is in the selling zone, which shows bearishness. Stochastic is suggesting a downtrend.
Its immediate support is at 25683.77 & the resistance is at 26330.65
On the daily chart, BTC/USD is trading down and following a lower-low structure. BTC/USD has crossed the low of the previous day and is currently trading in a major support zone, a break is expected to lead to a decline.