BTC-“Maintain Profit-Taking on Strength Strategy”

1-Day Analysis:

Big Picture: Bitcoin bulls maintain total control and have been progressively directing the trend. Price has consistently broken through resistances session after session. Steady move will keep buyers at the helm and push prices further higher. However, price does not always move in a straight line, therefore taking partial profits along the strength is still encouraged.

On the Upside Bitcoin has hit the 31,000 level which triggered some intraday profit-taking. However, profit-taking remains moderate and has been easily absorbed by fresh entrants. For the session, 30,800 has been established as the initial resistance level. Above that price, the next level of resistances are at 31,200, followed by 31,795. Surpassing 31,795 leads price towards 32,465 next.

On the Downside the newly acquired levels are being converted into support levels. Furthermore, psychological support from the 30k mark has performed effectively up to this point. The longer this level holds, the longer this uptrend will persist. Loss of this level would result in a short-term corrective downward, with the trend looking to re-test key breakout-based supports before continuing. Below the 30k level, the next levels of support are at 29,800 and 29,200, followed by breakout-based supports at 29,075 and 28,750.