12-Hour Analysis:
Big Picture: Another session with volatile price movement. Neither the bulls nor the bears were able to establish anything decisive throughout the session. The congestion zone continues to put buyers under extreme pressure, while any price declines are met with immediate demand. Also, unless a clear direction is established, the price is expected to stay range-bound in the short term between 28,800 to 26,600 levels.
On the Upside price confronts a heavier round of profit-taking after another rejection of the macro-resistance level, driving prices back towards lower supports. The session’s initial resistance is being spotted near the 28,200 mark. Strength over this level reopens the way to the upside in the 28,750 to 29,075 range. Unless a breakthrough occurs, this is a short-term top for the price.
On the Downside 28,200 remained a reasonable support level, but price’s failure to advance above the congestion zone overwhelmed the support levels, dragging Bitcoin down once again. Now, for the session, the 27,750 level is providing initial support, while losing this support will drive prices further lower, initially to the 27,400 levels, followed by the 27,050 level, and possibly even deeper into the short-term range lows of 26,600.
