empty
27.06.2023 09:03 PM
Technical analysis of BTC/USD for June 27, 2021

This image is no longer relevant

Technical market outlook :

Bitcoin price :

After finding bids reach to $ 29,223, bitcoin price recovered above $ 30,000 and $ 31,000. Initial Bitcoin resistance lies near the $ 32,031 level (50% of Fibonacci retracement levels). A decent breakout and follow-up move above $ 32,031 could open the gate for a push towards the $ 33,604 level. The main resistance remains near the area of $ 33,604 - $ 34,000. Also it should be noted that Bitcoin and cryptocurrencies unite as the bears lose their momentum. The market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.

Trading BTC/USD :

Uptrend scenario : An uptrend will start as soon, as the market rises above resistance level $ 32,000, which will be followed by moving up to resistance level $ 33,000. Further close above the high end may cause a rally towards $ 33,604.

Nonetheless, the weekly resistance level and zone should be considered. Downtrend scenario : On the downside, the $ 30,000 level represents support. The next major support is located near the $ 30,000, which the price may drift below towards the $ 30,000 support region.

Forecast (BTC/USD) :

The volatility is very high for that the BTC/USD is still moving between $ 30,000 and $ 33,604 in coming hours. Consequently, the market is likely to show signs of a bullish trend again. So, it will be good to buy above the level of $ 31,000 with the first target at $ 32,000 and further to 1,33,604 in order to test the daily resistance. However, if the BTC/USD is able to break out the daily support at $ 29,223, the market will decline further to $ 28,200 to approach support 2 today.

Crypto industry news : Lawyers Take Aim at Russia's Crypto Legislation. As many other cryptos and tech stocks soared, bitcoin (BTC) tanked, said Arca, stressing that the reason behind this is leverage, as it exacerbates price action when something organic causes sell pressure - which is what happened last week. Mining news : In a coded letter today, Bitmain's co-founder Jihan Wu said he has resigned as the CEO and Chairman of Bitmain today. "The disagreement between Micree and myself, the two co-founders of Bitmain, has been finally settled in an amicable and, more importantly, a constructive manner," he said. According to Jihan Wu, Micree Zhan, another co-founder of the company, purchased almost half of the Bitmain shares owned by Bitsource, "which is a code name that represents a group of founding shareholders" including Jihan Wu, for USD 600m. Also, he announced changes in their business structure, claiming that their new "model will be highly streamlined which will make it much easier to go for an [initial public offering]."

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

GBP/USD. Analysis and Forecast

The GBP/USD pair is attracting new sellers following its recent rebound from the 1.3415 level, amid modest gains in the U.S. dollar. However, today, the potential for further downside appears

Irina Yanina 13:24 2025-05-30 UTC+2

Forecast for EUR/USD on May 30, 2025

On Thursday, the EUR/USD pair sharply reversed in favor of the euro and rose into the resistance zone of 1.1374–1.1380. A rebound from this zone favored the U.S. dollar

Samir Klishi 10:58 2025-05-30 UTC+2

Forecast for GBP/USD on May 30, 2025

On the hourly chart, the GBP/USD pair dropped to the 1.3425 level on Thursday, then rebounded and reversed in favor of the British pound. This initiated a growth process toward

Samir Klishi 10:41 2025-05-30 UTC+2

Forex forecast 30/05/2025: EUR/USD, GBP/USD, USD/JPY, SP500, Gold, and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 09:30 2025-05-30 UTC+2

Forecast for EUR/USD on May 30, 2025

Like other anti-dollar currencies, the euro quickly overcame the negative news from the U.S. Court of International Trade and closed the day with a 76-pip gain. This morning, the price

Laurie Bailey 05:26 2025-05-30 UTC+2

Forecast for GBP/USD on May 30, 2025

On Thursday, the British pound reached the target support level of 1.3433, after which it reversed to the upside, closing the day with a 20-pip gain. The Marlin oscillator slowly

Laurie Bailey 05:26 2025-05-30 UTC+2

Forecast for USD/JPY on May 30, 2025

The Japanese yen made a significant move yesterday, falling more than two figures from the day's high to the close. The powerful wave of yen strengthening continues today, starting from

Laurie Bailey 05:26 2025-05-30 UTC+2

Trading Signals for GOLD for May 29-30, 2025: sell below $3,317 (7/8 Murray - 21 SMA)

Early in the American session, gold is trading around 3,314 with a strong technical rebound originating after reaching the 50% Fibonacci retracement. Gold rose sharply after testing

Dimitrios Zappas 15:58 2025-05-29 UTC+2

Trading Signals for EUR/USD for May 29-30, 2025: sell below 1.1360 (21 SMA - 5/8 Murray)

Early in the American session, the euro is trading around 1.1331 and is experiencing a strong technical rebound after reaching the 4/8 Murray level at 1.1230. The euro could rise

Dimitrios Zappas 15:53 2025-05-29 UTC+2

Forecast for EUR/USD on May 29, 2025

On Wednesday, the EUR/USD pair continued to decline and consolidated below the support zone at 1.1260–1.1282. Therefore, today's price drop may continue toward the next Fibonacci retracement level of 23.6%

Samir Klishi 11:15 2025-05-29 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.