2-Hour Analysis:
Big Picture: The sellers took advantage of the momentum weakness and caused an intraday reversal. Bitcoin has retested the 2-hourly EMA-200 and is currently using it as support. The session may become volatile as both sides attempt to protect or breach the EMA support.
On the Upside Bitcoin is once again being rejected by the EMA-25 and EMA-32. These were the trend-driven EMAs, and the upside cannot be sustained unless strength above them is established. These EMAs are currently trading at 17,100 and 17,300. Above these, the next resistance levels are situated at 17,500 and 17,620.
On the Downside at 16,915, the 2-hourly EMA-200 is currently providing immediate support. Breaching this would result in 16,800 to 16,700 levels being unlocked. Short-term pressure could reappear if the EMA-200 is lost. Furthermore, if 16,700 is breached, Bitcoin will likely fall to 16,550, and could even fall as low as 16,230.
