BTC-“Profit-Taking on Strength Advised”

8-Hour Analysis:

Big Picture: Following a strong corrective session on August 29th, yesterday’s session generally remained in the slower mode. The longer Bitcoin remains above intraday support levels, the greater is the likelihood of another surge upward in the next few hours to sessions. Considering the current conditions and the fact that if the price goes higher, it will encounter substantial intra-day barriers, which could lead to decent profit-taking. As a result operate with a profit-taking strategy on any potential upside.

On the Upside For the session, a few minor intra-day resistances could potentially be observed. The initial barrier could come in at 27,295 followed by 27,590. However, the session’s stronger resistance remains at 27,815 mark. If Bitcoin climbs above this level it would then strive for levels at 28,175 to 28,250, followed by higher levels at 28,850 and potentially 29,600.

On the Downside Bitcoin is finding strong support between 27,125 and 26,940. Furthermore, the presence of EMA-50 in this supporting zone has strengthened the supports. Consolidating above these supports would mostly benefit bulls, who are looking for some further corrective gains. If price fails to maintain this supporting zone, it may fall back towards the breakthrough levels between 26,550 and 26,350.