BTC-“EMA-32 Key Resistance”

1-Day Analysis:

Big Picture: Buyers maintained control throughout the session, as they regained the previous All-Time-High level. A triple tap bottom formation is also being noticed right now. This is a good reversal pattern, but it need additional confirmation before it can be considered valid. However, Bitcoin is poised to face some major congestion above in the shape of EMA-32 and strong intraday resistances as price proceeds. Expecting higher volatility around the congestion area. 

On the Upside the initial intraday resistance is seen at the 21,000 mark. Following that, the next intraday resistance level is at 21,320. Above there, there are several congested areas between 21,850 and 22,850. Price is anticipated to see volatility as it approaches the 21,850-22,850 zone. However, a stronghold over this level opens the way to additional gains towards 23,650, 24,400, and eventually towards 25,000.

On the Downside initial support is now provided at 20,360. Below this, there are several layers of supports in the shape of trendlines and horizontal supports that lie between 19,800 and 19,400. These levels are anticipated to provide significant support; but, if they are breached, price is likely to fall towards 19,050, followed by 18,590.