1-Day Analysis:
Big Picture: After losing the EMA-250 support level, the price is under intense corrective pressure. The intraday supports in combination with the EMA-200 are now restraining the selling pressure. This zone is now likely to have greater importance since maintaining it will limit additional downside, whilst losing it will likely prolong this phase and test much lower supports.
On the Upside the level 21,890 has been flipped as the initial resistance for Bitcoin. Over the weekend, this level successfully limited the price’s upward potential. Furthermore, as long as 22,800 is not recaptured, the upside is likely to remain under pressure for the time being and will be an opportunity to sell into. Above 21,890, the next level of resistance is around 22,200 to 22,300, followed by 22,600 and 22,800. Strength over 22,800 has the potential to reverse this corrective phase.
On the Downside over the last few trading sessions, the 21,560 support level has kept the price from sliding any lower. This was mentioned as a significant support area. Furthermore, this level now nearly corresponds with the daily EMA-200 level, making it much more powerful. Holding this area for a bit longer could result in short-coverings once more. However, if this zone is breached, the price is expected to go lower further, first towards 21,370 & 21,110, and possibly even lower into 20,655 and 20,400 levels.
