BTC-“Corrective Pull-Back Ongoing”

1-Day Analysis:

Big Picture: After a gradual upward trend, the price encountered resistance from year-long trendlines. The trendlines were able to exert some selling pressure on the price which has resulted in an ongoing corrective phase. Furthermore, the indicators’ overbought circumstances have played a part in the slowdown, as bulls have hesitated from pulling any hyper moves beyond this zone. The ongoing corrective phase remains a healthy sign for the bulls.

On the Upside the session’s opening resistance is at 35,960. Any short-term advances over this level will be met with resistances next at 36,220, followed by 36,740. These levels are expected to provide some intraday pressure. However, for bulls to regain the aggressive bullish momentum, strength over 37,200 would be essential.

On the Downside from the level of 35,200, Bitcoin has gained some nice support. This will continue to serve as the day’s first support. As price approached this level of support, there was a sharp rise in volume, indicating both short-covering and fresh buying activity. Meanwhile, below 35,200, the next level of supports are is at 34,800, followed by 34,605 to 34,400.