Big Picture: After a few efforts closer to the range highs, price failed to penetrate higher, resulting in the creation of new selling pressure which resulted in significant selling in the intra-day session. Bitcoin has already had a significant reaction from the trendline support, causing a nice surge back above. Volatility and movement in both directions are likely to be observed in the ongoing sessions as long as prices remain within the current range.
On the Upside there is moderate resistance between 36,800 to 36,920. Above these, the next intra-day resistance levels are at 37,200, followed by 37,400 to 37,600. Price is expected to struggle at these resistances and it will also struggle to generate sustained momentum. Strength over 38,000 is critical for Bitcoin to achieve some lasting momentum, as only by breaking this barrier will price see any additional move higher. Below 38,000, there is strong intraday resistance at levels ranging from 37,560 to 37,770.
On the Downside the trendline supports have managed to hold the price from sliding any lower. The initial reaction has been very strong from these supports at 35,900 to 35,770. Before sliding lower price had managed to twice hold the mid-range levels which similarly generated very strong reactions however, the moment mid-range was lost a major round of selling was observed. Going forward trendlines currently are protecting price from moving lower into the range supports around 35,100 levels