1-Day Analysis:
Big Picture: The Bitcoin consolidation continues for another session. The base structure appears to be getting stronger as it observes several supports inside the zone. However, the consolidation is currently forming a converging triangle pattern, and the breakout will most likely determine the direction of the move. The confirmation has to be seen, whether it is a short-term re-accumulation or distribution.
On the Upside the intraday resistance levels of 43,165 and 43,285 remain intact. Price has once again showed significant buying interest on the offered dips, and it was previously said that bulls might step up on lower levels, which they have done effectively. Going forward, the 43,415 to 43,620 levels will provide intra-day resistance, and a break above these levels puts bulls in a good position for the 44,000 level, followed by 44,800 and 45,400.
On the Downside sellers wanted to create significant intra-day damage, but the mid-range level was able to survive, despite intense selling pressure. Although the price channeled lower but no candle was able to close decisively below the mid-range levels on either the 8-hourly or 12-hourly time frames; instead, the candle closings took the shape of a powerful hammer formation, indicating a bullish turnaround. The primary support level for the session is 42,800, followed by the mid-range at 42,450.
