BTC-“Profit-Taking on Strength Advised”

12-Hour Analysis:

Big Picture: Consolidation has favored buyers once again as they take a step forward and attempt a harder push over the 25,500 barrier. P rice is now heading for higher levels and may remain strong as long as it trades over the 25,500 mark. Having said that, given the recent volatility trend, profit-taking on strength remains advisable.

On the Upside strength exceeding 25,500 opens the door to higher levels. Price is presently attempting to break over the intraday resistance level of 26,200. Over this, an even greater resistance at 26,600 will be witnessed. Price acceptance over 26,600 would broaden the upward ranges, first to 27,350, then to a daily basis resistance around 28,750. This is where aggressive profit-taking may be observed.

On the Downside the recently gained levels of 25,500 and 25,200 are likely to provide early support for the session. If these levels can be converted into firm supports, the aggressive bulls will benefit greatly. If these levels are re-tested and fail to provide support, Bitcoin may fall back into the 24,200 to 24,000 range, and maybe even lower into the 23,950 to 23,700 range.