BTC-“Profit-Taking on Strength Advisable”

2-Hour Analysis:

Big Picture: Over the weekend, the price remained well above the 2-hourly EMA-200. A golden cross was also observed as the EMA-50 crossed above the EMA-200, resulting in another decent intra-day impulse. The current push, however, has indicated a potential slowdown in momentum, as the RSI failed to make a high above the prior high. Bitcoin faces several intraday hurdles between 17,500 to 18,200 region.

On the Upside in a single session, Bitcoin is attempting to break both the daily EMA’s of 25 and the 32. Currently encountering resistance at the 17,335 level. Breaking both of these levels can provide buyers with additional short-term momentum, allowing them to look towards 17,500, then 17,620. Breaking, which will lead to levels between 17,950 and 18,145.

On the Downside new supports have been created between the levels of 17,220 and 17,110. Below this, dynamic support from the 2-hourly EMA 50 and 200 are expected to assist at 17,000 and 16,800. The session’s major intra-day support is located between 16,800 and 16,700. This is a critical level to maintain in order to avoid a deeper sell-off. If this support is lost, Bitcoin could fall as low as 16,230.