BTC-“Choppy Price Action to Continue”

30-Minutes Analysis:

Big Picture: A ranging environment for nearly a week now. Bitcoin has been trading inside this range, which spans from 23,340 on the upside and 22,325 on the downside. With the exception of one or two outliers, the overall price activity has remained within this range. These ranges often target the liquidity pools at the extreme ends. As a result of the significant upward surge, a logical hunt for stops on the downside below 22,325 levels might remain a crucial objective for the price.

On the Upside Bitcoin is being held back by the upper resistance level of 23,230 to 23,340. This range has kept the price from rising any further. Moreover, a display of strength above this region sends price next towards the 23,840 mark, which is another higher time frame barrier. Furthermore, there is significant congestion for Bitcoin between 24,000 and 25,200 levels, making it difficult for the price to continue in a smooth manner.             

On the Downside the lower time-frame EMA-250 and the horizontal support level between 22,400 and 22,325, have been shielding Bitcoin from any sell-offs. Price has taken many bounces off the EMA-250 level, demonstrating the critical importance of the EMA support. Both of these levels are anticipated to remain supportive of the price. If these supports are breached, anticipate the price to fall towards the 21,890 to 21,550 support range.