1-Day Analysis:
Big Picture: Pricing is still being rejected by the 25,210 threshold. The bulls have been attempting to break through this level for the previous several sessions, but have been ineffective. Overcoming this region is still an essential landmark for the bulls to maintain their momentum. Also, this level has the potential to form a short-term top. As a result, caution is advised in this range; in order to neutralize any signs of weakness, Bitcoin must establish sustainable strength over 25,500.
On the Upside price closed the session above the 24,680 mark, but is still under significant selling pressure from the 25,210 level. Price breakout has been restrained by this level at 25,210. A clean breakthrough above this zone is still required to keep the momentum going and push it much higher. In the case of a successful breakout, the price is likely to first target 26,050, next 26,700, and eventually 28,650.
On the Downside if the recently gained intra-day resistance level of 24,645 can establish itself as initial support and maintain price for the next several hours, it may clear the door for another re-test on the 25,210 level and above. If this level fails to create any support, price is projected to fall back into lower supports, first around 24,200, followed by 23,750, and possibly much lower.
