2-Hour Analysis:
Big Picture: Despite starting the session on a high note, bulls were unable to press for a breakthrough, resulting in prompt profit-taking and keeping price inside the range environment. The circumstances have shifted, and the lower supports are now being tested. As long as the price is on the crucial support levels, the bulls are entirely liable for defending it.
On the Upside the recently lost support levels will serve as resistances. The session’s initial resistances are at the 30,250 and 30,400 levels. Furthermore, the EMA-100 level, which was previously a strong support level, will now be an established resistance level at 30,450. Surpassing these levels would reduce the ongoing selling and likely result in a bounce back towards the resistance range spanning from 31,200 to 31,400 levels.
On the Downside Bitcoin has returned to the major support levels of 30,000 to 29,800. For the previous 15 sessions, these supports have held the range. No daily candle has yet closed below this critical supporting zone. Having said that, failing to cross the resistance zone is likely to overburden and perhaps breach this supporting region. Leading to re-test of lower supports around 29,200 and 28,800.
