3-Day Analysis:
Big Picture: The breach of the triple bottom formation has turned the tides against buyers and exposed them once more. Price is currently trading just above the previous low of 15,580 but is struggling to establish any strength in price action. Failure to hold the support levels, as well as any accumulation of selling pressure, can send the price even lower, towards the falling channel supports.
On the Upside several new resistances are emerging. The initial resistance is reappearing at 15,800, followed by 15,930. The next resistance levels above these are at 16,200-16,400. Under these conditions, the price will find it difficult to surpass these levels. Buyers would need to be resilient in order to surpass these levels and aim for higher levels in the 16,800 to 17,100 range. Moreover, these upside potentials are solely of corrective nature for the moment.
On the Downside price went on to wick below the recent support of 15,580, but has now reclaimed that level. Maintaining this support is critical because any pressure buildup below it can quickly expose Bitcoin to 14,950, followed by 13,800 and 12,950. However, 15,580 remains a key support for the session.
