8-Hour Analysis:
Big Picture: Despite leading to profit-taking in the closing stages of Tuesday’s session, bulls held up nicely yesterday and are performing even better today. Price kept its strength in yesterday’s session and is still staying firm today. Volumes have improved noticeably, suggesting that some active buying may be taking place at current levels; nonetheless, for bulls to manage any aggression, getting over the immediate resistance remains critical.
On the Upside Bitcoin is trading above both the EMA settings of 26 and 50. This remains a favorable development; nevertheless, resistance levels ranging from 26,350 to 26,550 have been counteracting bullish aggression. This is still a tough area for the bulls, and breaking above this resistance is critical for the upside to expand further into 26,940, then 27,125, and possibly even towards 27,850.
On the Downside additional supports have been placed between the levels of 26,220 and 26,125. Price gradually transforming these levels into supports stays favorable for the pair since it adds higher levels of protection against any selling event. Below these levels, the next level of support is at 25,800, followed by 25,620 and 25,580.
