BTC-“Further Upside Possible”

1-Day Analysis:

Big Picture: Bitcoin has favored quick scalping in recent sessions, since no notable strengths have maintained during the time span. Price is caught in a range-bound environment between the congestion zone and the lower support band at levels ranging from 27,200 to 26,600. As long as price trades between these levels, the general trend is expected to remain range-bound and choppy.

On the Upside the session’s initial resistance is being noted near the level of 28,450. The next level of resistance above this is in the congestion zone between 28,750 and 29,075 levels. Price is anticipated to find heavy resistance here once more. All previous attempts in recent sessions have resulted in intra-day profit-taking at this range. Price must break and stay above this level with strength if buyers are to continue the gains further. Price succeeding in finding acceptance above this would most certainly continue the upside into 29,400, followed by 29,800 and 30,000 levels.

On the Downside price retested lower supports yesterday after breaching intraday supports ranging from 27,880 to 27,650. Nevertheless, a significant recovery from the 27,400 to 27,200 range levels was recorded, which almost erased all session losses. Additionally, the support levels of 27,880 to 27,650 have been reinforced once again. These are the session’s primary supports once again, followed by 27,400 to 27,200.