1-Day Analysis:
Big Picture: Bitcoin recorded a strong weekly close. This is the first weekly closing since March 2022 where the candle closed exactly on the weekly high. Furthermore, the previous week ended with the formation of a Morning Star candlestick pattern, and the weekly time-frame is now forming a probable double bottom. There have been a few encouraging signs from the bulls, but re-tests on key daily levels will serve as confirmations.
On the Upside Price has broken through a few of resistances. Price can now feel the heat between 22,550 and 22,800 levels. Above this, the next level of resistance in the shape of the EMA-100 daily is expected at 23,700. This will be another critical price level to overcome. This EMA has not been recovered for approximately 160 sessions and counting. Acceptance over this level will be a major milestone, with prices next looking towards 24,250-25,400.
On the Downside the baseline support for the day will be 21,700-21,500. The next level of support is indicated at 21,100. However, beneath these levels are the major sets of supports ranging from 20,550 to 19,800. These are also price re-test zones. If Bitcoin is to build on a smooth and sustainable upward surge, these supports must hold firm.
