27-27.2K is in range

Jun 19, 2023

Morning folks,

BTC, on a background of common euphoria and anticipation of sooner Fed easing and QE has shown nice intraday rally, exceeding the level that we've specified as a target of retracement and potential resistance. Thus, expected bounce happened, but it has appeared to be much stronger.

Now we have bullish reversal swing and a kind of reverse H&S shape. This let's us consider ~ 25.5-26K area support, where potentially right arm's bottom should be formed, for possible entry with bullish scenario.

Nearest target is around 27-27.2K 4H resistance area. Just be aware of strong downside action and breakout of major 5/8 Fib support level around 25K. These two things that we do not want to see when we consider bullish continuation.