1-Day Analysis:
Big Picture: As a busy week begins, Bitcoin is working hard to reestablish its strength. It is attempting to breach the daily EMA-32 level once more. However, there are several key levels between 17,500 and 17,640 that will make it difficult for price to gain a comfortable momentum. Additionally, with CPI data due today, the market could become extremely volatile for the day.
On the Upside price is beginning to trade above the daily EMA-32 level once more. This is a positive sign for the overall price movement. However, more efforts are required before the price action can become smoother and trending again. The upcoming resistances of 17,500, followed by 17,620 to 17,640, are quite strong and must be broken. If these are overwhelmed, Bitcoin can quickly target the 18,250 to 18,640 range.
On the Downside numerous support have been added. Intra-day supports have now risen to 17,350, 17,225, and 17,130 levels. Below these, the next support zones are between 16,900 and 16,700. Both of these supportive regions are critical in maintaining the short-term preference for the upside. As losing these levels will most certainly challenge lower liquidity pools initially around 16,550 and 16,230 and could head lower as well.
