BTC-“Momentum Building”

1-Day Analysis:

Big Picture: Bulls are regaining strength and breaking levels after levels. Prior reports had stated that Bitcoin would gain significant momentum once it breaks through the falling wedge formation. A major surge occurred as price broke through the trendline resistance. However, caution is advised currently as price has reached another major resistance level. The momentum may decelerate at these levels, but for bulls, this is an important mark to break in order to initiate another bullish wave.

On the Upside breaking through 27,250 released aggressive bulls who tested and breached all intra-day resistances with little effort. Bitcoin has gained more than 10% in the last three sessions. However, profit-taking on strength and caution are now required as the important resistance territory between 28,800 and 29,800 approaches. Multiple intraday resistances are being watched between this range, which may potentially limit momentum and drive aggressive profit-taking. This is the area that must be broken through in order to initiate the next bullish wave.

On the Downside as the price rises, further intraday supports will be added. The primary level of support for the session currently stands at 28,400. Below this level, minor support may be found at 27,800, but significant support for the session is projected at 27,250 level. This is the level that has sparked the recent movement, therefore expecting strong support from it as well. Any re-test on this level should preferably be limited.