3-Day Analysis:
Big Picture: Bitcoin reaches a new 52-week high, reaching the 25,000 mark. Bulls have completely dominated the trend and are looking to be targeting higher levels in the coming sessions. The key to this aggression was initially holding onto the breakout-based weekly supports, which then doubled up as bulls burst through a massive higher-time frame falling channel barrier. Meanwhile, the indicators are severely overbought in the short term, which could cause some volatility on both sides.
On the Upside a huge surge occurred as price broke past the weekly barrier of 32,850. Meanwhile, intra-day resistance for the session is at 35,075 followed by 35,600. Above 35,600, there is opportunity for some upward movement towards the 36,600 mark. This is where increased profit-taking may occur.
On the Downside Bitcoin is experiencing a surge in interest from dip buyers. The price finds immediate support at 33,970. Below this level of support, the next level of support can be found at the weekly mark of 32,800. If the price tests this level, there can be significant positioning from buyers who have been waiting for the market to cool off. As a result, on support levels higher demand is expected to be seen.
