Bitcoin Technical Analysis Report 31 May, 2024


Bitcoin cryptocurrency can be expected to fall further toward the next support level 65700.00, low of the previous short-term correction (2).

Bitcoin cryptocurrency

– Bitcoin reversed from combined resistance area

– Likely to fall to support level 65700.00

Bitcoin cryptocurrency recently reversed down from the combined resistance area located between the major round resistance level 70000.00 (which has been repeatedly reversing the price from the end of March, as can be seen from the daily Bitcoin chart below) and the upper daily Bollinger Band. The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Bearish Engulfing – similar to how it formed the daily Shooting Star from the middle of May.

Given the strength of the aforementioned resistance level 70000.00 and the widespread bearish sentiment that can be seen across the cryptocurrency markets, Bitcoin cryptocurrency can be expected to fall further toward the next support level 65700.00, low of the previous short-term correction (2).

Bitcoin cryptocurrencyBitcoin cryptocurrency
Bitcoin cryptocurrency

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