Bitcoin Eyes $27,800 Following Friday’s Reclaim

by Justin Bennett  · 

May 26, 2023

by Justin Bennett  · 

May 26, 2023

by Justin Bennett  · 

May 26, 2023

On Thursday, I wrote how the next move from Bitcoin hinged on $26,500.

That’s been a key horizontal level since mid-March.

Wednesday closed below the level, and BTC bulls tried to reclaim it on Thursday but failed.

However, Friday’s session looks set to close above $26,500 and potentially even $26,700.

Those are the two levels I wrote about on Thursday.

A daily close back above those would confirm a bullish reclaim and set Bitcoin’s sights on $27,500

But although $27,500 is resistance, a cluster of short liquidations at $27,800 could trigger a move a bit higher.

There’s also the top of a descending channel that comes in just above $27,500.

Speaking of channels, BTC is bouncing this week from ascending channel support that extends off the March lows.

As long as BTC is above this $26,000 area, I have to respect the upside potential.

That’s especially true when we consider that the S&P 500 closed the week above 4,175.

All in all, I’m cautiously bullish BTC toward $27,800.

Where Bitcoin goes from there will depend on whether bulls can break channel resistance or we get a deviation from $27,500.

Alternatively, a daily close below $26,400 would negate the bullish outlook and expose $25,200.

Continue Learning

Leave a Reply

Your email address will not be published. Required fields are marked *

  1. Want Free Lifetime Access to our private Discord trading group?

    Register with one of our partnering brokers for access to:

    Two analysis videos every weekday (forex and crypto)
    See my trades in real-time (entries, stops, targets)
    Exclusive trade setups, charts, and market insights
    Over 1k members to help you, including full-time traders

    Join us today for free! Limited time offer.

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}