2-Hour Analysis:
Big Picture: Bitcoin has reclaimed the EMA-200 level on the 2-hour time frame after 260 bars spread across nearly 22 trading sessions. This is a positive development for buyers who have been working hard to regain control of the trend. Keeping the macro trend in mind, and with higher time frames still poised for pressure, better risk management is required going forward. Buyers have the short-term advantage, but in order to convert that advantage into a more sustainable premium, buyers must establish a stronghold above 17,620 at the very least.
On the Upside as of yesterday’s session, the EMA-25 had limited the gains. The dynamic EMAs 25 and 32 will continue to have a significant impact on higher time frames. Multiple intraday resistances are now visible between 17,150 and 17,350. Above these, the next resistance is at 17,500, and a break of this can push prices to 17,950-18,050. Furthermore, back-to-back daily closings above 17,620 could reignite the excitement, even if for a limited time.
On the Downside Bitcoin is receiving initial support from the 2-hourly EMA-200 at 16,830. The next support zone is situated between 16,800 and 16,700. Price holding onto both of these supports would primarily benefit buyers looking for range highs. If these supports are breached, the price will be exposed towards the 16,550 region, followed by the 16,395 to 16,230 range levels.
