BTC-“Profit-Taking on Strength Encouraged”

1-Day Analysis:

Big Picture: The short-term momentum gained strength as the price soared for the second session in a row. Yesterday’s session saw a better daily close. Maintaining the current strength might open the door to more upside for the pair. However, price is penetrating into the 27,000 threshold for the third time in a month. Bulls were unable to pass this threshold on the previous two occasions. As a result, considerable caution is suggested.

On the Upside price is knocking against the 8-hourly EMA-200 and EMA-250. Furthermore, price encounters falling trendline resistance around the levels of 27125 to 27,250. Surpassing this area opens the door towards progressive upward aiming the 27,400 to 27,450 levels. These levels between 27,400 to 27,450 are yet another significant intra-day barrier for the price.

On the Downside as supports, the price ranges from 26,500 to 26,250. These levels were previously the initial resistance levels for Bitcoin, but have been converted into primary supports. Below these supports, the next level of support for Bitcoin is at 26,115, followed by 26,000. Furthermore, as long as Bitcoin maintains the trendline support, the weekly supports are well protected.