12-Hour Analysis:
Big Picture: Buyers seized control once again and maintained their upward trend. Previously, it was stated that volatility will likely normalize and price action would improve in the coming sessions, and the price has performed exactly as expected. Nevertheless, the congestion zone has been breached after weeks of attempts, and the Bulls have achieved yet another milestone. Bitcoin is presently trading at its highest level in ten months. Moving forward, momentum supports aggressive buyers, however profit-taking on strength is still recommended.
On the Upside a significant Fibonachhi level is been surpassed. If buyers maintain firm strength above that level, another macro-range will most certainly open within the next weeks to months. However, on the short-term the initial intra-day resistance remains at 30k mark. Given its psychological significance, price is expected to encounter intraday profit-taking pressure at this level. But, if buyers continue to be strong, the upside is expected to extend further into the 30,800 mark, followed by 31,200 and 31,795.
On the Downside the recently gained levels are now expected to provide initial support upon re-testing. If these levels can be converted into an equally strong support, bulls will benefit significantly and the upward momentum will be sustained. Also, the trailing EMAs of 32 and 50 are pointing upwards and catching up with the price. If these EMAs are re-tested, they will provide support as well. Having said that, Bitcoin should preferably avoid any closings below the 28,750 barrier, or else sentiment may change.
