1-Day Analysis:
Big Picture: Bitcoin tried a breakout over the 24,890 level four times in nearly four trading sessions. It was rejected immediately each time and went on to test lower intra-day support levels. Multiple rejections are not a good sign and indicate the bulls’ desperation. Overall the price action has led to a weaker start for the week, however re-testing lower supports will be beneficial for the price to re-energies itself.
On the Upside Bitcoin is facing significant resistance from the 24,300 zone to the 24,890 levels. This zone has been holding back price. Price would need to establish a footing above this level to counteract the selling pressure and advance further towards 25,410 followed by 26,220, and eventually towards 27,500-28,500.
On the Downside initial intraday support is still at 23,950. The next intra-day support region is seen at 23,700-23,400. This is another good intraday support level, but breaking it exposes the price towards 22,800 and could potentially extend it towards 22,200.
