8-Hour Analysis:
Big Picture: The symmetrical triangle formation triggered a bullish breakout, resulting in a significant round of corrective upside for the session, with price reaching as high as 28,143 before finishing the day at 27,716 with gains of over six percent. Going forward, bulls have a short-term advantage over the trend and might push higher in the following hours and sessions with the objective of retesting the prior range levels. This range will be significant, and the reaction that follows will determine the pair’s next course of action.
On the Upside Bulls had a good run in the previous session, breaking through some solid resistances. While for the session, the initial resistance is at 27,815 followed by the region of 28,175 to 28,250. This range between 28,175 and 28,250 has key 8-hourly dynamic levels that can cause intra-day price difficulties. Any advance over this level would allow for more upside driven by increased buying and panic short-covering, possibly pushing prices into the levels of 28,550, 28,860, and 29,600.
On the Downside the weekly supports, together with a number of intra-day supports, supported the price amid very challenging conditions. Failure to break past these supports has pushed for exhaustion, allowing bulls to capitalise onto. Bitcoin’s primary supports will be at 27,125, followed by 26,940 and 26,600. If the price re-tests these supports, a strong intra-day reaction is likely as late entrants position themselves at support levels. Furthermore, the 8-hourly EMA-50 is present at 26,960, which will serve as an additional support level.
