1-Day Analysis:
Big Picture: Yesterday’s session began well, but bulls were unable to maintain their lead, which resulted in profit-taking and a meaningless session close. Price, on the other hand, is still maintaining its lower support levels and is preventing any greater selling rounds. If the bulls can maintain the supports despite their weakness, the corrective phase could get started again towards the mid-levels of the prevailing range.
On the Upside price was pressed over the 26,500 mark, but the sustenance above this level was essential. As they failed to establish any sort of hold, the price quickly lost momentum and faced massive intra-day profit-taking. Buyers, on the other hand, are once again re-attempting a break above this level; if successful, Bitcoin would surge higher into the 26,940 level, followed by the 27,125 and 27,250 levels. Massive resistance exists in the form of dynamic and trending levels between 27,125 and 27,225.
On the Downside after yesterday’s intraday profit-taking, the price found support at the 26,115 mark. It was stated that as long as bulls can keep price above the 26,000 mark, a recovery towards the upside is extremely likely. Price is still seeing primary supports at 26,190, 26,115 and 26,000 level. Any indications of weakness below 26,000 leads Bitcoin back towards the first weekly support level of 25,810.
