BTC-“Pressure Mounting”

1-Day Analysis:

Big Picture: With the bull’s inability to obtain approval above the mid-range, the pressure is rising once more. Before any fresh re-enforced efforts are to be made, price is expected to fall back into the support levels. To counteract any such developing trends, initially strength over the intraday hurdle and the mid-range remains critical. Meanwhile, getting through the mid-range prompts another strong upward surge for the coin.

On the Upside there is still some little resistance at 27,850. However, harder resistances are situated above this level, placing the bulls in a difficult situation. A pair of stronger resistances, at 28,220 and 28,430, must be cleared for the upswing to continue. Above 28,430, a stronghold leads next towards 28,800 followed by 29,525.

On the Downside if bulls are unable to achieve anything noteworthy above the 28,430 barrier, price is likely to fall in the next hours and sessions. Persistent rejections are anticipated to lead to a decline down into the 27,350 to 27,300 levels, with more downside potential into the 26,600 to 26,500 levels, from where a short-term recovery could be expected.