3-Day Analysis:
Big Picture: The reaction from key support levels is beginning to take form. These are the weekly levels that prompted the previous breakthrough. Furthermore, the bulls must retain this supporting zone, as losing it will expose the lower ranges for Bitcoin in sessions to come. Bulls, on the other hand, must break over the dynamic EMA level of 26,520, or else intra-day strength may fade once more.
On the Upside the session’s major resistance barrier for Bitcoin is 25,620. This is where the 3-Day EMA-50 is found. Regaining acceptance over this level will be critical for Bitcoin to continue its corrective pullback towards higher levels. However, above 25,620, the next resistance levels are at 25,990 followed 26,200, and 26,600.
On the Downside weekly support levels ranging from 25,110 to 24,470 are starting to react. Bulls must protect this territory to prevent becoming more weakened. Furthermore, price is currently looking to recover the falling wedge formation. However, the EMA-50 level is offsetting any signs of strength. For the session, the support levels will continue around 25,110 followed by 24,880, and 24,470.
