1-Day Analysis:
Big Picture: Price burst through the mid-range levels, and the bulls made another powerful push. Price has now filled the void left by the preceding bullish surge. Moving forward, Bitcoin is in a difficult position, as sustained strength around this range could lead to another major breakthrough above. Meanwhile for sellers, they must limit price around 30,000 if they want to push prices lower. Furthermore, active shorting on strength remains unadvised for the sessions.
On the Upside the 30,000 psychological barrier is being tested. This will be a critical level for the bulls. They have showed tremendous strength in recent days, and this strength could translate into another huge surge higher if bulls can build a foothold above the 30,000 mark. If that is accomplished, the price will rise towards the intra-day resistance of 30,450, followed by the range high of 31,000. Meanwhile, breaking the 31,000 barrier opens the door to the weekly resistance at 31,650, followed by 32,850.
On the Downside sellers are presently in a difficult spot and may hope for a significant rejection from higher levels in order to have their grasp maintained. In the event of a major rejection, the price could fall into the 29,200 to 29,100 range to re-test its immediate support. Below 29,100, the session’s next level of support is around 28,850 to 28,740. These levels are strong enough to withstand some profit-taking rounds.
