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Technical analysis of BTC/USD for June 24, 2022

Relevance up to 17:00 UTC–4

Trading BTC/USD : Bitcoin The bulls must break through $21,686 in order to resume the up trend. Closing above the Pivot Point ($21,686) could assure that BTC/USD will move higher towards cooling new highs.

We expect to see a strong reaction off this level to push price up towards $21,686 before $22,949 resistance (horizontal swing high resistance).

RSI is seeing major support above 60% and a bullish divergence vs price also signals that a reversal is impending. According to the previous events the price is expected to remain between $20k and $23k levels (around $3000).

Profit target reached perfectly once again, prepare for a bounce from the area of $21,200. Buy-deals are recommended above $21,200 with the first target seen at $21,686.

The movement is likely to resume to the point $22,949 and further to the point $23k. Moreover, in larger time frames the trend is still bullish as long as the level of $20k is not breached.

A daily closure above $23k allows the pair to make a quick bullish movement towards the next resistance level around $24k.

Trading recommendations :

The trend is still bullish as long as the price of $20k is not broken. Thereupon, it would be wise to buy above the price of at $20k or $21k with the primary target at $22k. Then, the BTC/USD pair will continue towards the second target at $23k (a new target is around $24k in coming days).

As we know (23/06/2022) :

1 BTC —> $21,295 approximately 1

ETH —> $1,222 approximately

So, 1 ETH —> 0.0573 BTC. One Ethereum is only worth 0.0573 Bitcoin.

Conclusion :

BTC/USD increased within an uptrend channel from the prices of $420k and $21k since a week. The bulls must break through $21,686 in order to resume the uptrend.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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