8-Hour Analysis:
Big Picture: The session yesterday was dominated by some active short-coverings. After testing the weekly supports on Monday, price quickly rebounded and aimed at higher levels. A strong closing yesterday from bulls may have benefited bulls, but despite aggression, they were unable to conclude the session on a good note, suggesting that short-coverings were the major driving force and any active buying still remained weaker.
On the Upside price was able to challenge the EMAs of 26 and 50 at 25,870 and 26,075 levels respectively, allowing it to target the resistance zone of 26,350 to 26,550 next. However, the buyers failed to establish any stronghold above this resistance region which is keeping the bulls in a tight spot and negating their attempts for any major upside.
On the Downside another small addition to the support levels has been made. The initial support for the session is currently at 25,830, followed by supports at 25,620 and 25,580. These are good intra-day support levels for Bitcoin, and they should withstand any short-term pressure. However, the major support still holds solid around weekly levels ranging from 25,250 to 24,850. These are the levels that have not been broken since March.
