BTC-“Proceed with Caution”

1-Day Analysis:

Big Picture: Bitcoin continued to rise steadily for another session. Price is progressively approaching the wedge top formation, and some intraday pressure is possible at these levels. Furthermore, these are key breakout levels; breaking through them would most likely result in the completion of the long-running corrective phase that began with the test of resistance at 31,000 levels.

On the Upside price has surpassed the 26,600 resistance mark, pushing Bitcoin towards the 27,250 level. This level was highlighted as yet another major price resistance. Additionally, this level has not been convincingly broken in over 40 trading sessions. This will continue to be a huge challenge for the session. Furthermore, the wedge trendline resistance corresponds with this the horizontal resistance level, reinforcing the levels significance even further. 

On the Downside the newly re-established levels of 26,600 to 26,415 will now serve as primary support levels. For the session, re-testing these supports and getting an effective reaction from them is likely to further improve the ongoing conditions. While below 26,415, the next supports are initially between 26,150 to 26,050 levels, followed by 25,700 to 25,500. Holding 25,500 would be essential to prevent the circumstances from deteriorating.