1-Day Analysis:
Big Picture: Yesterday’s session recorded the fifth consecutive negative closing. Price remained under selling pressure and moved on to challenge the key EMA-250 support level. Once again, a reaction was witnessed, which pushed prices back above, and buyers were able to maintain the EMA support level. For the past two weeks, Bitcoin has been trading in a range of 23,950 to 22,400. Furthermore, unless a significant level is breached, this range is expected to persist.
On the Upside the initial intraday resistance level is foreseen to be at 23,050, while major resistances are at 23,360 and 23,840 levels. Buyers have had a challenging time breaking through these resistance levels. They were able to partially exceed it, but no succeeded in sustaining the breakthroughs. Going forward, if the price is to climb higher, a break over 23,840 remains essential.
On the Downside the EMA-250 support level has once again halted the selling pressure. For the previous few trading sessions, this support has been quite effective. Furthermore, this level was reclaimed after 290 trading sessions, which was a significant accomplishment for the bulls. They have managed to keep the prices above this mark, which is a commendable achievement. Furthermore, maintaining this level will retain the short-term trend to the upside; but, if this support is breached, price is projected to fall down towards 22,200, followed by 21,890 to 21,550 levels.
