1-Day Analysis:
Big Picture: Yesterday’s session ended with an evening star pattern that showed signs of disapproval above. Bitcoin desperately needed to consolidate above June’s lows, but a daily close below June’s low has prompted serious doubts about the upside potential. As the FOMC volatility subsides, prices are practically back to pre-FOMC levels.
On the Upside re-emergences of a handful of resistance along the way once again. These levels are expected to be 17,220, followed by 17,380. Above these levels, there is once again resistance at 17,640. Bitcoin must recapture and maintain above this level in order to regain its strength.
On the Downside price has broken through many intraday supports and is now challenging the 17,130 to 16,950 range levels. These are excellent supports, and there are more supports between 16,900 and 16,700. These are important levels for Bitcoin to maintain. As losing these levels will almost surely increase the pressure and may target close to recent lows supports.
