2-Hour Analysis:
Big Picture: Bitcoin has been under strong pressure since testing the first level of weekly resistance. Price immediately fell into the supporting zone after failing to persist above the resistance region, owing mostly to the presence of the weekly resistance above. Furthermore, the 2-hourly EMA-200 is beginning to weaken. Caution is suggested for the day, as price is expected to test the bulls’ resilience at the supporting levels.
On the Upside intraday resistances at 30,250 and 30,450 have resurfaced. The next level of resistance above this zone is at 30,800. This resistance is going to be difficult for the bulls to overcome. If the price can recover acceptability above the 30,800 level, it is expected to return towards 31,000, followed by 31,200 to 31,450 levels.
On the Downside Bitcoin is currently exposed towards 30,000 to 29,800 levels. Over the previous few weeks, this has been a major supportive zone for Bitcoin. Multiple efforts to break below this zone failed, resulting in immediate reversals. However, as Bitcoin fails to overcome the congestion above, this supporting zone is under pressure. If this support area is breached, price is expected to fall towards 29,200 level initially followed by 28,800 to 28,650 levels.
