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Crypto | Bitcoin | Could We See a New Push Down to Support?

Published: 31.05.2023
by Joseph Jeffriess

Today’s focus: Bitcoin

Pattern – LH, leg lower.

Possible targets – 26,330

Support – 26,330

Resistance – 27,890

Today’s update is on Bitcoin as sellers have started making a solid move against the leg higher we have seen recently. Overall today, money has been moving out of risk currencies and into safe havens. This includes crypto, which has been treated as a hedge in recent history.

Did we see a new LH set up this week, and will today’s resistance hold after that sign set up a new move back to support? If buyers can get back control, we may still see the leg higher live, but for now, we are watching if selling is going to accelerate.

We feel a hold above 27,000 is a key for buyers, and a move back to or through 26,330 support will be a win for sellers.

Bitcoin Analysis 

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