1-Day Analysis:
Big Picture: Another session of volatile conditions persisted. Price tried another impulsive activity after a few sessions of consolidation, but that behavior was short-lived and targeted both the highs and lows of the recent consolidation range. Strength now has the upper hand, but it would need to flip the 16,900 level to have additional room to squeeze.
On the Upside Bitcoin has begun to trade above the 16,800 mark, but 16,900 is presently restraining the gain. A break above this level would re-ignite the intra-day trend into higher levels, which would be around 17,150, 17,220, and eventually 17,380. These are reasonable objectives for the sessions, but any strength into 17,640 would be sold off on the initial attempts.
On the Downside 16,800 and 16,700 to provide immediate assistance. For the past few hours, Bitcoin has relied on 16,800 as a reliable support level. Keeping hold of these supports will keep the upside pressure flowing. However, if these supports are lost, the short-term trend will shift back to selling and the 16,550 to 16,230 levels will be re-targeted.
