BTC – “Short-Coverings Advised”

2-Hour Analysis:

Big Picture: Bitcoin traded sideways for the majority of the weekend session, but it is now approaching the lower support band. If Bitcoin is able to hold these lower supports, it could form a triple bottom. It has an enormous amount of untapped liquidity above 17,100, which is still a key price target. Short-sellers, on the other hand, should approach with caution. With macro and short-term supports approaching for Bitcoin, short-sellers should begin aggressively short-coverings.

On the Upside a fresh set of intra-day resistances at 16,160, followed by 16,400 have been added. Surpassing these will take the price up to 16,650, followed by 16,950-17,100. This region had been limiting previous pushes and still has an ample amount of supply. Nevertheless, there is still massive amount of liquidity above these resistances which price can be target in the coming sessions. Strength above 17,100 can propel Bitcoin towards 17,500-17,700, followed by 17,950.

On the Downside intra-day pressure has broken a few intra-day supports yet again. Now Bitcoin is expected to have its initial support at 15,930 followed by 15,790-15,630 region. Both of these are important supports to hold for the price to remain stable. Any pressure buildup below these supports may trigger another hyper selling event, dragging prices lower towards 14,400, then 13,950-12,000 levels. However, the intra-day supports around 15,630 must fail for this to occur. The downside risk will be contained as long as those supports hold.