1-Day Analysis:
Big Picture: For the seventh straight bearish session, the losing streak continues. Bulls have been left so weak in recent days that even key supports are not holding the decline. Furthermore, Bitcoin has essentially filled all of the inefficiencies left by the previous Bull Run, and it is presently pretty close to its prior peak and breakout based levels. Expect a volatile session as bulls stand and fight to protect the upcoming support levels.
The Upside several new resistances are being developed. The initial resistance level is 22,800, followed by 23,700. The 25,000 level is the next significant price barrier. To initiate more upside, Bitcoin would need to regain and sustain above this level.
On the Downside, although the price has fallen below the 22,000 mark, the support remains valid as long as it holds on a daily closing basis. Furthermore, as price falls, it is approaching extremely strong consecutive supports. Following this level of support, the next level of support is at 20,800, followed by 19,900, the previous cycle high. At these prices, expect short-coverings.
