Bitcoin: New Range Means New Opportunities

Written by Justin Bennett

Trusted by 100k monthly readers

Last Updated June 5, 2023

Forex trader since 2002

Written by Justin Bennett 

Forex trader since 2002

100k monthly readers

Updated June 5, 2023


Bitcoin has finally broken down following reports that the Securities and Exchange Commission (SEC) has sued Binance.

It seemed inevitable that we’d eventually get a $25,000 retest, although I did think we would get one more rally to $28,000 before the selloff.

I was wrong, but it’s time to put that aside because we have a new BTC range to trade.

Given today’s breakdown, the $26,500 level flips to resistance.

The key support area for this week is $25,200, which served as resistance for Bitcoin between August and February.

That will be a significant test for the market, and I don’t expect it to go down without a fight.

With that in mind, I’m anticipating some ranging price action between $25,200 and $26,500.

However, instead of simply longing BTC at $25,200, a better approach is to wait for a confirmed deviation below the area.

And it just so happens that we have channel support near $24,300 that could serve as a technical catalyst.

So here’s how I’ll play an immediate retest of $24,300 channel support:

BTC daily 2 6.5.23
Bitcoin: New Range Means New Opportunities 3

The reclaim of $25,200 is where you’d want to long if you’re trading the range.

Alternatively, an immediate retest of $26,500 (chart below) could offer a favorable short opportunity with targets of $25,200 and $24,000.

It all depends on which path Bitcoin follows.

Alternatively, a reclaim of $26,500 would confirm a deviation and expose $27,500.

Get Lifetime Access to Our Trading Group to watch today’s members-only video on Bitcoin, get direct access to Justin Bennett and over 1,000 traders, exclusive forex and crypto trade setups, and see Justin’s trades in real-time!

BTCUSDT daily 6.5.23
Bitcoin: New Range Means New Opportunities 4
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Justin Bennett - founder of Daily Price Action

About the author

Justin Bennett started trading in 2002, and let's just say it was a bumpy ride. But in 2010, he had his "aha" moment once he ditched the indicators and focused 100% on price action. Justin has built a following of 100,000+ monthly readers and taught thousands of traders using his simple, no-nonsense approach. He's been highlighted as a top trader by Stocks and Commodities Magazine and regularly featured by Forex Factory next to publications from Bloomberg and CNBC. ...Read More


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