BTC-“Profit-Taking On Strength Advised”

1-Day Analysis:

Big Picture: The Bulls seized the lead once more and were able to put together a good session, putting in their highest closing in almost two years. Bitcoin rose by about 7% during yesterday’s intraday session. Price is currently moving closer to the Range Top levels, which have been important price objectives for bulls since their deviation below the Range-Lows last year. Moving forward, the bulls remain strong and might push prices higher, although profit-taking on strength is now suggested.

On the Upside bulls were able to obtain acceptance over the 44,200 mark, resulting in an immediate momentum that cleared practically all intra-day obstacles and reached 47,330 before submitting to intra-day profit taking. Bulls have seen some congestion around the channel resistance and from the presence of the Range-Top level at 48,240. Bulls will need a lot of strength to overcome these challenges. Meanwhile, if bulls get more acceptance over 48,240, the upside might grow dramatically.

On the Downside a few supporters have emerged for the duo. The recently regained levels will now be effectively converted into intraday supports. The session’s initial support are at 46,250, followed by 45,700. Meanwhile, the most important supports are 44,400 to 44,200, which are the session’s most recent breakthrough levels.