12-Hour Analysis:
Big Picture: Bulls maintained their strength and re-tested the congestion. Price has gone deeper into that zone this time, but no breakthrough has been made. The sellers have set up an intense confrontation at this level, preventing price from breaking out. Volatility is predicted to stay elevated throughout the day as both competitors compete to gain an advantage over the short-term trend.
On the Upside Bitcoin retested the macro-resistance level of 28,750-29,075. Nevertheless, this time a considerably deeper penetration was noticed, but the zone still stopped price from breaking through. This resistance level remains under active selling pressure, preventing the price from breaking out higher. Yet, if price gains momentum above this level, a push higher remains in the cards, with initial objectives of 29,800 to 30,000 levels with further extension into 31,500.
On the Downside the intra-day support level of 28,200 has effectively established itself as an intra-day support level. Price re-tested this support level and saw a strong inflow of demand, pushing prices upward once more. This level will remain the session’s initial support level. Below this level, the next supports are at 27,750 and 27,400 levels.
