2-Hour Analysis:
Big Picture: Over the previous three weeks, Bitcoin has been stuck in a band between 4 to 5%. As of yet, no side has attempted or succeeded in breaking through this range. The volume profile has improved slightly, but it remains low overall, indicating a lack of participation. In order for price to trend again, the ongoing consolidation must be breached.
On the Upside previously, the resistance level of 30,800 proved too difficult for the bulls to overcome, resulting in intraday profit-taking. However, the price is surging again towards the 30,800 resistance level. Surpassing this would allow a move higher towards the resistance level of 31,200 to 31,450. This is still a significant level of resistance for Bitcoin. For the past 20 sessions, this particular spot has served as a range top. Price must break through this level in order to pave the way towards the weekly resistances.
On the Downside the intra-day supports stopped the selling pressure and pushed for a turnaround. The principal supports are still active at 30,450, followed by 30,250. Furthermore, the 2-hourly EMA-200 level has nearly reached the support level of 30,250, boosting the support levels. Price has the next big supporting zone below these levels around 30,000 to 29,800. For the time being, these supports are acting as range lows.
