Big Picture: Numerous rejections from the congestion zone are exerting intraday price pressure. Buyers are beginning to feel the effects of exhaustion as price fails to break out further and momentum indicators begin to roll over again to the downside. Moving forward, intra-day supports have partially halted selling pressure, but if buyers fail to gather any sustainable momentum, intra-day supports are likely to pave the way for lower levels in the coming hours to sessions.
On the Upside a number of fresh intraday resistances have emerged. The session’s initial resistance is observed at 27,245. Above that, the next intra-day resistance levels are around 27,680 to 27,890. This is where buyers will encounter strong intraday challenges. Also, fresh selling may be observed at these levels. Bitcoin must regain strength above these levels in order for its upside to be extended once more into the 28,200 level, followed by the 28,750 to 29,075 levels.
On the Downside the 26,600 support level came to the rescue once more, halting intraday selling. This is the second time this level has stopped aggressive selling, and both times it has provoked a favorable response. This level continues to be an effective support level. This level must be breached if sellers are to force additional decline. If price fails to break through this support level, it will remain in a range bound situation. If this level is violated, sellers will aim next for 26,200 level, following 25,800, and eventually breakout-based supports.