BTC-“Risk Management Remains Advised”

8-Hour Analysis:

Big Picture: After losing the essential EMAs, the short-term pressure remains visible. Price now has immediate supports below and immediate resistances above near the current levels. This is now leading to increased volatility. It will be challenging for the existing supports below to maintain price against the current selling pressure; but, if they can, an upsurge back towards the EMAs will be possible. The next impulsive move would be determined by price action near the EMAs.

On the Upside yesterday, the price was constrained by levels of 26,940, followed by 27,125. In the preceding session, no serious challenge to these resistances was attempted. These levels will continue to function as primary resistances today. Above this, the next resistances come in the form of dynamic levels ranging from 27,220 to 27,300. A clear break above these EMAs is still required for price to move higher.

On the Downside price continues to find support between 26,600 and 26,500. Price has challenged this zone twice, and each time the candle finished with a hammer candlestick pattern. This demonstrates that there is active purchasing pressure inside this band. Furthermore, below this supporting area, there is still a significant presence of support around the levels of 26,200 and 26,000. Furthermore, as long as bulls can maintain above the 26,000 barrier, anything down is inaccessible.