12-Hour Analysis:
Big Picture: Price rebounded following the initial attempt at the breakout levels, but rejection from the upper resistance zone has again triggered a strong round of profit-taking. Price is challenging the immediate breakout levels and putting that level to extreme test. At the moment, selling pressure is still extremely high, which might lead to more price declines.
On the Upside the initial resistance level of 29,075 has been recreated. This was a critical milestone a few sessions ago, limiting additional upside efforts. Above this level the price next resistance zone will be at 29,800 and 30,000 levels. If the Bitcoin re-tests these levels, expect major intra-day profit-taking. However, in an event of a strong price squeeze, Bitcoin could reach the 30,780 mark. This will be a critical level to break in order for buyers to reclaim complete control of the trend.
On the Downside the price is now finding support at the 28,800 level. Both the horizontal and dynamic supports safeguard this level. For Bitcoin, this level is crucial in offsetting any further rounds of selling, as dropping below 28,800 would expose Bitcoin to the 28,200 level first, followed by the 27,600 level, and possibly towards the 27,200 level. Aggressive short-coverings could be observed here.
