BTC-“Lower Support Could be Re-Tested”

1-Day Analysis:

Big Picture: For the preceding eight trading sessions, the EMA-25 daily has effectively limited price rise. Additionally, an attempt was attempted to exceed this level, which was rejected by the daily-based EMA-32. Both of these trend drivers are actively preventing buyers from obtaining any sustainable control over the trend. On the daily time-frame, the zone between 17,300-17,650 is crowded, and unless it is broken, the upside will remain constrained.

On the Upside as Bitcoin fails to break through the critical levels, severe profit-taking is occurring. This indicates that buyers got exhausted near the EMA levels. The session’s initial resistance is at 16,900, followed by 17,080 and 17,270. These resistances must be crossed if Bitcoin is to continue rising. Unless and until that happens, the upside will be limited to these levels; on the other hand, strength over 17,270 will lead to 17,500, followed by 17,620.

On the Downside the pricing is re-testing the 16,800-16,700 range. Although the initial support has been honored, however the reaction up until now remains weak. If these supports are breached, Bitcoin is projected to fall towards 16,550, perhaps 16,230 next. Furthermore, any buildup of pressure below 16,230 could expose Bitcoin to the previous lows once more.