1-Day Analysis:
Big Picture: After nearly a week of trading within a range, the price breached the range and resumed its upward trend. Bitcoin achieved the highest daily close at 23,742, but the upward momentum was once again limited by the intra-day resistance level at 23,840. Furthermore, with this gradual upward trend, Bitcoin is establishing a bearish divergence. A corrective downside in the upcoming sessions is now becoming increasingly probable.
On the Upside the price was once again held back by the intraday barrier at 23,840. This range of 23,360 to 23,840 has kept aggressive bulls at bay, preventing them from making another clean run to the upside. However, now that the price has surpassed the 23,360 level, the next resistance level at 23,840 remains solid. Bitcoin must break over this level of resistance in order to continue rising and target the next congestion zone between 24,000 and 25,200.
On the Downside as Bitcoin confronts pressure from upper resistances, the recently gained level of 23,360 is projected to establish itself as the session’s initial support. This support needs to hold by the daily closing to get confirmed as a relevant support level. If buyers can keep price above this level, another surge to the upside is quite possible; however, if this level fails to establish as a support, price is predicted to re-test the EMA-250 support level. This is a significant support level, and keeping it maintains the trend optimistic, whilst losing it would ultimately push prices lower, initially into the 21,890 to 21,550 range.
