BTC-“Choppy Price Action”

1-Day Analysis:

Big Picture: The past several sessions were quite volatile. Price has formed a number of mixed candlestick formations, indicating uncertainty since no directional play is seen. Price is still caught between the highlighted intraday resistance and the lower EMA support levels. Once these levels are broken, the range will expand.

On the Upside Bitcoin failed to overcome the initial intraday resistance level of 23,360 yet again. These resistance levels must still be broken in order for prices to rise. Expect significant resistance at 23,360 to remain, followed by 23,840. Furthermore, the upside is projected to be limited unless these levels are breached. Overcoming these barriers, however, is expected to propel Bitcoin beyond the 24,000 level, then 24,800, and possibly 25,200.

On the Downside price is often challenging the EMA-250 support level around 22560. This conduct must be avoided, otherwise the level’s strength could derail. For the time being, it is still holding firmly and pushing the price back above on each test. However, below this level, Bitcoin’s next support is at 21,890, followed by 21,550. Because this zone is safeguarded by a confluence of various support natures, a positive reaction from these levels is indeed predicted.