BTC-“Maintain Profit-Taking on Strength Strategy”

12-Hour Analysis:

Big Picture: After a sharp price surge led by the breakout, the price stayed in a consolidation state yesterday as oscillating indicators were burned out by the rapid move. Furthermore profit-taking on strength favored yesterday’s outlook.  Going forward, the trend continues to remain bullish, although price may stay heavy and volatile due to many intraday resistances observed above.

On the Upside the price is under intraday pressure from the 30,800 mark. The last session failed to break through this barrier, and even more sold off just before testing it. Again, the initial resistance for the session is at 30,350, followed by 30,800. Surpassing the 30,800 level opens the door to the 31,200 level, followed by the 31,795 level.

On the Downside Buyers held the price well despite profit-taking pressure. The strength continued, and the psychological level of 30,000 is attempting to develop into a support for the session. If price fails to establish this level as a support level, Bitcoin could fall into 29,800 level followed by 29,200 and possibly may re-test the recent breakthrough levels of 29,075 to 28,750. Any short-term deviation below them would not cause concern, but bulls should preferably preserve these breakout levels to maintain complete control of the trend.