BTC-“Consolidation Favors Bulls”

1-Day Analysis:

Big Picture: Risk assets surged after inflation data came in below expectations. Bitcoin also made a strong advance, closing the previous session above both the EMA-50 and the June low. This is a positive sign for buyers who have been striving hard to regain control of the trend. If this strength continues, there is still possibility for Bitcoin to rise to even higher levels in the coming sessions.

On the Upside Bitcoin is currently aiming for the 18,250 and 18,640 range levels as its next targets. However, due of the presence of 4-hour supply levels here, there remains high expectations for aggressive profit-takings. Moreover, it remains unlikely in the initial tries, but if Bitcoin begins to find acceptance over 18,640 levels, it can rise to 18,950 & then towards 19,100, and 19,350 levels.

On the Downside all recently broken resistances are now effectively likely to provide initial supports. Multiple intra-day supports have been established between 17,640 to 17,550 regions. Further supports are also seen in 17,350 to 17,130 regions. All these are strong supports now and could provide liquidity upon any price re-tests. However, crucial supports for the sessions still remain at 16,900 to 16,700 regions.