1-Day Analysis:
Big Picture: Bitcoin is struggling against intraday resistance levels. Price has failed to break through this barrier on many occasions and is currently in a consolidation period. Furthermore, the consolidation phase here favors the bullish perspective by allowing indicators and moving averages to catch up and make room for the next leg. However, this view looks promising as long as Bitcoin maintains above the 21,550 mark, since failure to hold this level can trigger a stronger re-test cycle, dragging prices much lower.
On the Upside new intraday resistances are now indicated at 22,750, followed by 23,030. Above these, the price retains major resistances between the 23,360 and 23,840 levels. Both of these resistances have made it difficult for price to maintain its trend in a consistent manner. To achieve higher prices, these levels must be exceeded. A break above them leads next towards the 24,000 to 25,200 range.
On the Downside the EMA-250 level at 22,530 provided significant support for Bitcoin once more. This was highlighted as the session’s initial support and was expected to hold prices against any intra-day selling’s. After re-testing this support level, Bitcoin is presently bouncing back aggressively. However, it must overcome the above indicated resistances in order to maintain its trend, as frequent tests will simply weaken the support levels and expose price to the lower supports in the 21,890 to 21,550 range levels.
