1-Day Analysis:
Big Picture: Bitcoin is now trading in a crucial zone. It has surpassed the EMA-200 zone, but there is going to be significant resistance above. Price might stay in a consolidation period here, as well as remain choppy to indecisive along these levels. Furthermore, the RSI indicator is at its highest level since January 2021, now at 88.70. This demonstrates the strength of the bullish move to the upside, however the indicator now needs to cool down before continuing higher.
On the Upside the price has now surpassed the EMA-200. It will now face resistance between 21,560 and 21,890 levels. Above them, there is another major resistance in the form of EMA-250 at 22,550. Expect this level to limit the upside potential for initial attempts. Furthermore, considerable profit-taking is still possible for Bitcoin at these levels.
On the Downside the EMA-200 will now serve as initial support. Below this EMA, the next supports are at 20,400 and 20,075 levels respectively. This level holds psychological significance and is predicted to give positive responses on initial attempts. However, if the profit-taking continues, Bitcoin might go deeper towards 19,450 and even as low as 18,880.
