1-Day Analysis:
Big Picture: The sluggish circumstances persist as BTC reaches critical decision zones. Going ahead both Bulls and Bears are seeking to win the battle on 28,750 level. This level is critical for future course of action. Bulls must maintain this level in order to exhaust the remaining selling pressure and partially trigger a price turnaround. Bears, on the other hand, must break and persist below this level in order to inflict more losses.
On the Upside the initial resistance level has now been reduced to 29,100. Above there, the next level of resistance is at 29,450, followed by the 29,900-30,200 area. Then comes another wave of resistance between 30,500 and 30,800. This level has acted as the range top for the past few weeks, with no follow-on candle closing above it. As a result, bulls must retain a foothold above this level in order to continue the upward into 31,050, followed by 31,850. Holding over 31,850 initiates a strong rally, first towards 32,680 followed by 33,700.
On the Downside the initial level of assistance has been dropped to 28,880. However, major supports for the day are seen around 28,640, followed by 28,200. These are strong intraday support levels, but breaking through them would expose price towards further downside, first into 27,700, and possibly towards 27,475. These are crucial supports that are preventing BTC from turning aggressively bearish once more; therefore, keeping these supports is critical, as losing them would open the door to further downside towards 25,500, followed by the 24,000-22,000 demand level.
