BTC-“Breakout Attempt Possible”

2-Hour Analysis:

Big Picture: Due to a lack of involvement inside the range, liquidity remains low. Bitcoin continues to trade inside the range, with a small improvement in its action. It continues to lack thrust and momentum for the breakthrough. This range is reaching its twentieth session. Going forward, either side may seek to provoke a breakout of this range in the coming hours.

On the Upside the initial barrier level of 30,800 has capped the current slow ascent. This is the first level of resistance for the session. Above this level, the next resistance levels are at 31,200 to 31,450. For the previous few weeks, these resistances have been behaving as range highs, denying any upward potentials. This is an essential region to breach for Bitcoin to continue its upward trend towards the weekly resistance levels of 31,700 to 32,650.

On the Downside the supports underneath are still in place. The intra-day supports remain an effective supporting zone. The initial supports are still valid at 30,450 to 30,250. Besides from these levels, the trailing 2-hourly EMA-200 is a crucial support that is keeping this range in place. The EMA is now around 30,150, just below the intraday supports and above the major support levels of 30,000 to 29,800.