1-Day Analysis:
Big Picture: The bulls regrouped and retook the intra-day charge once more. They not only recovered, but also took out the daily EMA-25 after only 8 trading sessions. Such a deceptive volatility trend can continue between the present range of 17,640 to 15,550. For Bitcoin to have an improved uptrend, 17,640 must be regained and held for at least 2-3 trading sessions.
On the Upside there are several intra-day obstacles between 17,200 and 17,300. The primary resistance in the shape of EMA-32 is still active at 17,280. Reclaiming this level would be a short-term lift for the bulls, who would then likely seize the lead towards 17,500, followed by 17,640. This is another critical milestone; breaching it would push Bitcoin to 18,250, followed by 18,640. Failure to exceed this level, on the other hand, will prompt aggressive profit-taking.
On the Downside at 17,100, EMA-25 will provide initial support. Following that, the next supports are still between 16,800 and 16,700. These supports held quite well, triggering a significant intra-day reversal as soon as price reclaimed the 2-hourly EMA. Both of these support levels are likely to keep prices in check in the event of any intra-day sell-off. However, if 16,700 is lost, bitcoin is projected to tumble towards 16,550 and possibly lower into 16,230.
