2-Hour Analysis:
Big Picture: Despite having the upper hand, sellers failed to capitalize on the opportunity to break price down towards lower supports. Bulls kept maintaining their major supporting zone around 30,000 to 29,800 levels during the weekend and last several days. This has caused sellers into exhausted in the near term, allowing prices to rise back to higher levels. Nonetheless, the range remains effective between 31,400 to 29,800 levels. As long as these levels hold, no significant move is likely.
On the Upside price is testing intraday resistance levels of 30,250 and 30,450. The bulls have currently surpassed the initial resistance level and are seeking to surge past the 30,450 mark. If this is accomplished, the upside will be able to continue, with the next target being the 30,800 mark. Bulls face significant congestion upside, until the weekly levels are surpassed.
On the Downside the trailing EMA’s of 32 and 50 have been re-established as support levels. These are the session’s initial supports. These EMAs are currently present at 30,080 and 30,125 levels. Bitcoin retains its major supportive zone of 30,000 to 29,800 levels below these supports. Since mid-June, this region has halted all sell-offs and reversed the price higher. As long as this area holds, the downside is restricted for sellers to capitalism on.
