3-Day Analysis:
Big Picture: The heavy selling pressure persisted for another session. Bitcoin is testing lower supports and is struggling to counteract the massive pressure. Although the supports are holding, a strong reaction has yet to be seen. This demonstrates that the selling pressure is still completely intact. However, a short squeeze cannot be ruled out due to extremely oversold conditions. Late shorter should still practice risk management.
On the Upside additional resistances are being formed. The initial resistance level has been reduced to 16,900, followed by 17,250. Above that, the next level of resistance is seen between 17,980 and 18,250. Since these resistances will hold massive sellers, the upsides may be sold quickly. However, a stronghold above 17,620 can assist in reducing the selling pressure.
On the Downside along the way, the selling pressure broke through a few strong resistances. It was stated that losing 17,630 would most likely expose Bitcoin to further lows in a short time. Price is currently attempting to re-establish 16,200 as a support level. The next support region down is 14,290-13,150.
