BTC-“Quick Scalps Preferred”

2-Hour Analysis:

Big Picture: Another volatile intra-day session that began under pressure but ended with the plus note. Momentum is now holding strong and has the potential to move higher in order to capture the upper liquidity pools. However, due to a lack of volume and participation, aggressive profit-taking is encouraged, and scalping remains the preferable choice for the time being.

On the Upside the price has returned to the 16,900 level. This level remains a powerful intraday barrier, and a break of it might propel price considerably faster towards higher levels. The next level of resistance comes at 17,150, then 17,220, and eventually at 17,380.

On the Downside previously, Bitcoin had lost both intra-day supports and had retreated to lower supports. Price nearly reached the 16,550 mark before reversing sharply. As the price falls, the lower support implies a strong demand presence. Bitcoin still has good support in the 16,550 to 16,230 range.