Bitcoin Is Technically Bullish And Supportive

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Bitcoin with ticker BTCUSD is still at strong weekly technical support. After a break out of a downward channel line back in January of this year, we have seen a retest of that same line that turned into support from where market resume higher and even broke an important 200-week and 50-week MA. After a broken 200-week and 50-week MA, these two were retested as a support along with trendline connected from the lows. So, technically speaking, with current USDollar weakness, Bitcoin can resume higher, at least towards the 35k, where we see an interesting open BTC CME GAP area from May 2022.

This view can be invalidated BTC fall sharply towards 20k.

We talked about Bitcoin and other cryptocurrencies in our video analysis shared a week ago on June 12. For a detailed view and Elliott wave outlook, check that video in our previous related ideas.