1-Hour Analysis:
Big Picture: The hourly range is still holding well, as price is currently trading within it. The macro range is between 18,150 and 15,630, with a smaller range within this range between 17,120 and 16,160. Price has only been after liquidity pools on either side for the past few sessions. This condition may last a little longer, with price manipulation evident and smart-money looking for liquidity pools around intraday supports and resistances.
On the Upside Bitcoin has tested the intraday resistance level of 16,950 yet again. This region has once again limited the upside potential, prompting intraday profit-taking. However, Bitcoin has held up well against this level and is still exhibiting signs of strength. Holding off the EMA-100 little longer will almost certainly invite another push at this level. If the price successfully breaks above 17,100, it is likely to front run towards 17,220, followed by 17,500-17,700, and 17,950, all of which appear to have plenty of liquidity.
On the Downside at 16,700, another hourly support is being established. Below this price, there are several supports ranging from 16,650 to 16,160. Because these supports are in place for a shorter period of time, they are also vulnerable. The session’s major supports remain at 16,210, 15,950, and lower into the 15,790-15,630 range.
