BTC-“$31,850 Key Resistance”

1-Day Analysis:

Big Picture: Bitcoin held the support levels impressively throughout the weekend. Furthermore continuous support off the year long Range-Lows is likely on verge of exhausting bears. Doing so would likely trigger a corrective cycle within this bearish cycle. Current consolidation is nearly 25 days long, indicating that the next trending move will be quite powerful and sustainable. For a bullish breakout stronghold above 31,850 is required. 

On the Upside Daily resistance of EMA-32 is seen at 31,520. The prior price surge was rejected by this EMA. However, there are several resistances between 31,520 and 32,000. Price would require a stronghold above these levels to open the way towards 32,765, 34,353, and potentially 35,000.

On the Downside the first level of support is observed at 29,650, followed by 29,320. The key support level of 28,750 is located underneath it. This is the year-long support that has kept any further collapse at bay. If this level is lost, Price will be exposed to the lower support level of 27,700 as the next support area. Furthermore any breakdown below this level will expose price towards lower demand zone at 22,000-24,000.