12-Hour Analysis:
Big Picture: Following a highly volatile session, the momentum slowed due to potential indecision. Buyers, on the other hand, maintained the ground for the previous session and went on to re-test the 30k level, where another round of profit-taking kicked in, pushing the price down once again. If Bitcoin begins to persist over the 30,000 level again, sentiment is likely to improve.
On the Upside the resistance levels from 29,800 to 30,000 once again limited Bitcoin’s upward potential. The last two tries on this level have resulted in significant profit-taking, and price must now overcome this level in order to continue moving up further. Climbing above this barrier would push price higher into the 30,300 mark, followed by 30,780 with space for additional upside.
On the Downside for the time being, price is using the prior congestion zone of 29,075 to 28,800 as a support. The longer price holds this supporting zone, the more likely it will break over the 30k milestone. Breakdown of these supports will result in some lower support retests in the region of 28,200 and possible towards 27,800 as well.
