1-Day Analysis:
Big Picture: Yesterday was the sixth session in a row with a bullish close. Bulls have maintained excellent overall momentum, but some intraday profit-taking pressure is beginning to emerge. This might be due to the fact that price is approaching certain intraday resistances as well as indicators that are currently approaching an highly overbought region last seen in January 2023. Moving forward, with strength still favoring the bulls, while a few intra-day obstacles emerging, higher volatility is possible in the coming hours.
On the Upside some intra-day resistance has been observed at the 34,510 level, while the session’s main barrier remains around the 35,075 level. Bulls showing strength over this level will assist the price to target the next resistance levels at 35,600 followed by 36,600 to 37,000. This is where price may see some greater rounds of profit-taking, and profit-taking around these levels is also encouraged.
On the Downside price continues to find intra-day support at 33,970, followed by 33,670. Both of these are good intraday supports. However, Bitcoin has significant support from the range midpoint, which is currently positioned at 33,000 to 32,940 levels. Price maintaining the mid-levels would negate any stronger corrective rounds below. Meanwhile, falling below 32,940 would trigger a deeper corrective cycle aimed for 31,800 and potentially 30,950.
