1-Day Analysis:
Big Picture: Bitcoin has been consolidating steadily. Price has once again remained restricted between the ranges and is consolidating. A potential diamond top pattern for Bitcoin is forming, which might signal the start of a corrective phase for the pair. Price should preferably break above the immediate congestion zone and continue to pull itself higher in order to negate any corrective phases.
On the Upside price has challenged the 28,750 level once again, but the prevailing momentum has slowed, and price does not appear to be in the position to break through the congestion zone just yet. But, if price begins to trade aggressively below these ranges, momentum could take up pace for a potential breakthrough of the congestion zone between 28,750 and 29,075 levels. After that occurs, the upside will once again extend, and the price is likely to move higher, initially towards the 29,400 level, followed by the 29,800 to 30,000 levels.
On the Downside Bitcoin has several supports. The initial supporting area has been formed at levels ranging from 27,880 to 27,650. The next supporting region is at 27,400 to 27,200 levels. Each of these levels have considerable strength to withstand any major intraday selling. Additionally, the most significant intraday support is at 26,600. The dynamic EMA-32 support level additionally covers this supporting zone. However, if price begins to break below this range low level, a corrective phase is likely to be seen, exposing Bitcoin to the 26,200 level initially, followed by lower re-tests of the breakout zone.
