BTC-“Corrective Wave Becoming Likelier”

1-Day Analysis:

Big Picture: Another session with unsuccessful attempts to reach higher levels. Price is having a challenging time in breaking over the intraday resistance level, and that too after multiple sessions. In such a situation, active risk management is encouraged, since numerous rejections may now trigger a corrective wave before price attempts a new breakthrough.

On the Upside Yesterday marked the seventh attempt to surpass the 30,575 milestone. The session began with strength, but the momentum could not be sustained, resulting in intra-day profit-taking and a pressured current session. The primary resistance level for the day stands at 30,575 level. Surpassing this level with strength and establishing a stronghold above it would be essential for a move higher towards 31,000 to 31,200 levels, followed by weekly resistances.

On the Downside the session is well-protected by intra-day support of 30,250. This level is still effective in assisting the price. Below this level of support, the next supporting zone is between 30,000 and 29,800. These are also extremely strong supports, and maintaining them would prevent any greater profit-taking rounds that might expose price towards 29,200 and 28,800 levels. However, consistent failure over 30,575 may overwhelm the supports, allowing a move towards these lower supports.