1-Hour Analysis:
Big Picture: Price consolidates for another session, with volatility decreasing as well. Following the sell-off, the price is now beginning to find some equilibrium. Furthermore, in such a situation, Bitcoin can regain its volatility by seeking out liquidity pools. It is more likely to become manipulative as smart money seeks liquidity.
On the Upside Bitcoin is still facing significant intraday resistance between 16,950 and 17,100. These levels contain a variety of resistances that have made it difficult for price to break through. Surpassing these will enable a move higher into 17,200, where the Hourly EMA-200 is visible, followed by 17,500-17,700, and 17,950.
On the Downside multiple intra-day supports have been observed between 16,650 and 16,160. On shorter time scales, these supports are effective. However, the session’s stronger supports remain at 16,210, followed by 15,950, and then lower into 15,770-15,630. Furthermore, as long as Bitcoin maintains its recent lows, the downside will be limited because a significant amount of liquidity exists above 17,000 level which could be a price target.
