BTC-“Maintain Profit-Taking on Strength Strategy”

12-Hour Analysis:

Big Picture: As the price attempted to surge higher during the intra-day session yesterday, another wave of profit-taking occurred, dragging Bitcoin back towards the psychological threshold of 30,000. Consolidation above the 30k mark is still intact, and no hyper move has been initiated by Bulls as of yet. Steady consolidation will keep buyers in charge of the trend and would prevent any exhaustion moments. Profit-taking on strength, on the other hand, is still advised.

On the Upside the initial intraday resistances stay the same at 30,350, followed by 30,800. Strength over 30,800 would be a positive indication, indicating that there is still potential for a higher move. The next resistance level are at 31,200, followed by 31,795. This is where considerable intraday profit-taking may occur.

On the Downside the bulls have done a good job in protecting the psychological threshold of 30k. A short-term close below that support level was noticed, but buyers swiftly recovered and retook the level. 30k is still a good support level for the session. Loss of this level would result in a re-test of lower support at 29,800, which was critical in restraining intra-day profit-taking yesterday as well. Both of these supports are still important for the session. As long as these support levels hold, price will be held back from aggressive profit-taking. If this zone is lost, Bitcoin will be re-exposed towards the 29,200 level, followed by the 29,075 to 28,750 region.