1-Day Analysis:
Big Picture: Bulls react to the weekly support levels below and have re-entered the falling wedge pattern. The aggressive waves of short-coverings have mostly shaped the reaction. These short-coverings can be extended to higher levels. For the time being, any upside remains a selling opportunity. However, in order to reverse the selling and bring back Bitcoin to a bullish stance, a number of levels must be broken before Bitcoin can be regarded aggressively bullish again.
On the Upside Bitcoin has returned to the 26,600 barrier mark. Price has been pushing this zone throughout the weekend, but no breakthrough has been observed as of yet. This area also features the trailing EMA-32, which adds to the existing resistances. Strength over these resistance levels would push the price higher towards 27,250 next. This resistance level of 27,250 has also been a notable barrier that has not been successfully broken in about 40 trading sessions since May 11th.
On the Downside a few intra-day supports have been put in place. Initial support emerges between 26,150 to 26,050 levels, followed by 25,700 to 25,500 levels. Minor intraday selling pressures are expected to be restricted and withheld at these levels. Furthermore, if a bullish reaction is generated by these support levels, the upside may strengthen in the sessions to come. Breach of these supports, on the other hand, would pull price lower as selling pressure returns targeting 25,110 or possibly lower.
