1-Day Analysis:
Big Picture: Price has climbed overall during the last few days, although at a slower and choppier pace. This indicates that the bulls have not made an aggressive move, while the bears remain on the sidelines and take a breather. This slowdown, however, has mean-reverted the daily EMAs back into testing zones. A strong pump has historically been witnessed in this downtrend if price can retake and trade above the EMA-12 and 22.
On the Upside Price is still facing significant intraday resistance at 21,350-21,500. For the past couple of days, this zone has been capping the gains. As a result, Bitcoin must maintain a strong hold above this resistance level in order to prolong the uptrend towards 22,200, followed by 22,800. Acceptance over this level, on the other hand, is required to commence phase 2 of the corrective cycle, which could lead the prices towards 23,750 initially followed by 24,400 and eventually towards 25,000.
On the Downside Initial support is seen at 20,700-20,500, while next levels of support is at 20,050-19,850. However, any hourly close below 19,800 would open lower support levels around 19,350, followed by the 19,000 mark. These lower level supports are critical re-test levels that price must hold in the event of a test. Holding these supports successfully will trigger a much stronger and more sustainable upswing in the coming days.
