2-Hour Analysis:
Big Picture: The corrective phase continued for another session where Bitcoin went on to test higher levels. It is now however, approaching some key levels that can prompt strong intra-day profit-taking or can keep price choppy and consolidative for a next few hours. Traders are advised to keep risk management intact and look to be quick in booking profits either side.
On the Upside the level of 16,750-16,800 has been tested, and an immediate rejection is being monitored. There is significant congestion between 16,800 and 17,100, making it choppy and difficult to surpass for the price. However, exceeding this level may spark the price to rise towards 17,600, followed by 17,950 to 18,150.
On the Downside initial support is expected to be seen at 16,560. If this support is lost, the price will fall towards lower support around 16,200. This will be an important support level for Bitcoin to hold, as failure to do so will expose it to a deeper drop into 15,930, followed by 15,790 to 15,630. A complete retracement of this move will not be a good sign for the price right now. Bulls, on the other hand, must hold 15,630 on daily session closings.
