BTC-“Profit-Taking on Strength Advised”

1-Day Analysis:

Big Picture: Since gaining control above the mid-range, bulls have maintained control and have been able to push price back towards the range highs. The relative strength indicator is beginning to display aggression and is moving into its highest levels since mid-February, as bulls enjoying their winning streaks. Bulls continue to be in charge, but price is gradually approaching significant resistance, requiring active risk management.

On the Upside the range high resistances are set at 30,485 to 31,000 levels. Some profit-taking happened as a result of the initial test into this region. Between 30,485 and 31,650, there will still be significant congestion on Bitcoin. Above these clusters of resistance, the price will encounter its next weekly barrier level at 32,850. This level also includes a trendline-based resistance in addition to the horizontal level. This will be a significant barrier for the price, and a breakout over it could set off a powerful bullish breakout towards the higher levels.

On the Downside several intra-day supports have been re-established. The pairs initial level of support is at 30,200. Below 30,200, the next major support lies between 30,000 to 29,800 levels. If price can maintain this range, which has historically served as a significant resistance zone, the bullish sentiment is likely to prevail. However if 29,800 is broken, there will be more forceful rounds of downside towards 29,200 and 28,800 levels. Meanwhile, dip buyers are anticipated to get in at support levels.