1-Day Analysis:
Big Picture: The bears made an aggressive move by leading a steep descent. This decline, on the other hand, is set to meet some significant levels as past historic supports. Furthermore, with much oversold circumstances on practically all time frames till weekly, sellers must now practice risk management and great caution. As the FOMC meeting approaches, anticipate volatility.
The Upside several new resistances are in the works. The initial resistance levels are 20,800, 22,800, and 23,700. The next important price barrier is the 25,000 mark. Bitcoin would need to regain and sustain above this level in order to initiate further upward.
On the Downside, Price is trading below the 22,000 support level once more, but this support will stay valid on higher time frames as long as it holds till the daily close. Furthermore, Bitcoin is poised to challenge its 2018 All-Time High of 19,797. Furthermore, there is another strong demand zone between 20,000-17,000 that might possibly restrict the decrease in the following sessions.
