BTC-“Choppy Price Action”

1-Day Analysis:

Big Picture: Buyers continue to find significant resistance from the 23,360 to 23,840 resistance levels. The bulls have made several attempts to surpass this region, but all efforts have been unsuccessful. Similarly, sellers have been able to maintain intraday resistance levels, but have been unable to close any candle below the EMA-250 support level. Both of these levels have been quite powerful, causing price to remain indecisive. Conditions are anticipated to persist unless either side breaks. Having said that, there is a strong probability that a direction will be made in the next several hours.

On the Upside Bitcoin was unable to break over the intraday resistances. These resistance levels are still important to break in order to push prices upward. Expect 23,360 to remain as a significant resistance level, followed by 23,840. Furthermore, unless these levels are broken, the upside is expected to be limited. Overcoming these resistances, however, is projected to drive Bitcoin towards the 24,000 mark, followed by 24,800, and possibly into 25,200.      

On the Downside the 23,360 support level was unable to provide anything meaningful, exposing Bitcoin back to the EMA-250 support level. This level is really important for the next move. A break of this support is expected to expose Bitcoin to lower support levels between 21,890 and 21,550, where several intraday horizontal and dynamic supports exist. A favorable reaction from this particular level is still strongly anticipated.