2-Hour Analysis:
Big Picture: Price momentum has slowed overall. Typically, such an atmosphere leads to choppy price behavior. Going forward the range is getting thinner and can continue to shrink in coming sessions. Currently it’s wiser to trade the levels and look for small moves until the expansion phase begins. In-order to trigger excitement BTC has to find acceptance above 31,800 to establish higher targets.
On Upside the days initial resistance has dropped to 30,150-30,500 followed by 30,800, and finally 31,050. BTC must get acceptance over 31,050 to come closer to the critical resistance level of 31,820. Further gains are unlikely until BTC breaks through the 31,820 barrier. Since early May, this level has been limiting the upside. As a result, this is an important barrier that must be crossed before the price can hit 32,680, followed by 33,700.
On the Downside, initial intraday support levels are at 29,750-29,550 followed by 39,300 being the next level. These are solid intra-day supports. If breached then the next support levels are around 28,430-28,200. On lower time-frame this is a very strong support level. Expect reaction of this level.
