1-Day Analysis:
Big Picture: Price ultimately broke through the converging triangle pattern, resulting in a huge sell-off. Bitcoin is once again trading close to its recent lows of about 17,570. Going forward buyers need to defend this recent low to establish a double bottom formation. If such a scenario occurs, price is likely to have an upward surge. Sellers, on the other hand, must add pressure below this level in order to seek more downside and hit the lower trendline supports.
On the Upside several new resistances have arisen. The price is expected to be capped at 19,050-19,250 initially. Following this next resistances are seen at 19,800, followed by 20,050, with a break of these leads leading towards 20,200-20,400.
On the Downside losing 19,800 was a massive setback for the bulls, who then completely lost control of the trend leading to a strong sell-off. Now initial support for the day is seen at 18,600 followed by 18,280. Both these levels are decent intra-day level supports, however major supports for the session are seen at 17,950 followed by 17,570. Price shall not break and hold below these levels otherwise another massive sell-off would be seen.
