1-Day Analysis:
Big Picture: Bitcoin began a vertical rise as soon as it recaptured its June low. Reclaiming this level has reopened the range between 17,640 and 25,210 levels. Buyers have also recaptured important daily EMA levels during the process. Having said that, risk management is now critical as price approaches the range top. This level may trigger a significant profit-taking round, potentially exposing the coin to lower re-test levels. However, if this upward trend continues, a break over 25,210 would be deemed extremely bullish.
On the Upside price is expected to challenge significant intraday resistances around the 23,360 and 23,840 levels. Expect these intra-day resistances to make it tough for the price to maintain its vertical rise. Furthermore, as price approaches the range top with severely oversold circumstances on the indicators, it becomes riskier to initiate new positions and requires substantial risk management on strength. Congestion is expected to be severe between the 24,000 and 25,200 level.
On the Downside Bitcoin has recaptured both the key daily EMAs of 200 and 250. Both of these EMAs are now projected to operate as levels of support at their respective levels. EMA-250 is currently present at the level of 22,530 and will provide initial assistance. Below this price, there is intraday support around 21,890, followed by 21,550. These are strong intra-day support levels. Furthermore the EMA-200 level is expected to climb up to this region in the next sessions. Expecting this support region to absorb any initial profit-taking scenarios for the session.
