12-Hour Analysis:
Big Picture: Bitcoin still is consolidating slightly below the congestion zone. The momentum indications are once again beginning to roll down to the downside, indicating a slowing in current momentum. Additionally, the present consolidation phase suggests a re-accumulation or distribution phase, which will be confirmed once break on either side is seen. Price climbing over 29,200 would favor buyers for further upside, while a fall below key major supports would trigger a corrective phase.
On the Upside Bitcoin tested the 28,750 barrier, forcing aggressive profit-taking once more. The session ended with a long-legged Doji pattern, which signifies indecision. The resistances from 28,750 to 29,075 have proven to be too powerful for buyers to overcome as of yet. Additionally, unless this congestion zone breaks, any upward expansions are doubtful. Strength over 29,075 leads to 29,400, then 29,800 to 30,000 levels.
On the Downside Bitcoin is initially well-protected between the levels of 27,880 and 27,650. But, if they fail to maintain any intra-day selling pressure. In such event, Bitcoin is expected to retest lower supports of 27,400 to 27,200. They are also strong intra-day supports that should hold any intra-day selling. If sellers are successful in taking short-term control of the trend, both supports are likely to be violated, and sellers will aim for the 26,600 level, which also serves as a short-term range low. This will be a crucial level for Bitcoin since maintaining it will trigger aggressive short-coverings again, while losing it would extend the corrective phase with objectives of 26,200 next, followed by a re-test of breakout-based supports much below.
