1-Day Analysis:
Big Picture: The consolidation lasted another session. Price has recaptured the EMA-200 benchmark and is currently trading near it. The last several trading sessions have been volatile, with no clear directional impulse. Such a situation may last for the next few hours at the very least. Furthermore, fresh positioning at these levels will be difficult as price seeks to grab liquidity at both ends.
On the Upside the session’s initial resistance is being seen at the 21,200 level. Above this, the next level of resistance is between 21,560 to 21,890, which has been restraining advances for several trading sessions. Bitcoin must gain recognition above this level in order to reach the EMA-250 level at 22,540 in the nearish term. Any prolonged upward movement looks improbable until both of these resistances are overcome with strength.
On the Downside the session’s primary intra-day support is at the 20,400 level. This is a critical level of support for Bitcoin to maintain. If the price falls below this level, it will rapidly expose itself to the 20,075 level. This is also a psychological support level that might provide a reasonable reaction to a test. These supports are likely to withstand intraday sell-offs but cannot withstand widespread selling pressure. Bitcoin has stronger supports lower that are likely to protect against greater selling pressures. When challenged, expect solid support from the 19,450 and 18,880 levels.
