2-Hour Analysis:
Big Picture: Price slowly grinding into resistance area once more. This slowdown in bearish momentum and steady moves by bulls is what we ideally want at these levels. Going forward further expansion on the upside is expected once price starts finding acceptance above 31,000-31,800 level. Any rejection of these levels will once more expose lower support levels, mentioned below.
On Upside the day’s initial resistance is at 30,800, followed by 31,050. To get closer to the crucial resistance level of 31,820, BTC must gain acceptance over 31,050. Further increases are unlikely unless BTC breaks beyond this level of 31,820. This level has been limiting progress since early May. As a result, this is a crucial barrier that must be overcome before the price may reach 32,680, followed by 33,700.
On the Downside, the initial intraday support level stands at 29,550, followed by 39,300. These are fair levels of intra-day support. The next key intraday support level after that is around 28,430-28,200. This is where a substantial reaction is most likely to be detected during testing. Furthermore, this is the last solid support level, a breach of which re-opens recent lows, followed by further lows towards the 24,000-22,000 zone.
