Big Picture: The lower supportive zone held the prices in check, resulting in another strong intra-day reversal. Price is presently re-testing the above intraday resistances, which have been restricting Bitcoin’s upward potential. As long as the price is confined between the 22,400 and 23,950 range levels, it is projected to swing in both directions. Both the upper intraday resistances and the lower EMA-250 support level have stood firm in their roles.
On the Upside Bitcoin is testing the 23,360 resistance mark once more. It has managed to break through this resistance level a few of times, but the next barrier level at 23,840 has been extremely tough, with no candle closing above it in the previous 19 trading sessions. This shows the level of resistance that Bitcoin is facing at this mark. Furthermore, the channeling trendline resistance around 24,075 will also be an important level to overcome in order to sustainably continue higher. On the Downside the initial intraday support level is likely to be at 23,060. Below this point, the EMA-250 level provides further support. EMA-250 support has been holding price for over two weeks and continues to provide solid support now as well As long as buyers hold onto this support level, a push higher remains more likely; nevertheless, breaching it would expose Bitcoin lower, primariliy into 22,200, and towards 21,890 to 21,550 levels next.