2-Hour Analysis:
Big Picture: As expected, Bitcoin experienced intra-day profit-taking after testing the major intra-day levels. Furthermore, the current range’s potential midpoint is set at 16,900. If price can push above this level and establish acceptance above it, the corrective phase is likely to continue to higher levels. Continuous rejections, on the other hand, have the potential to send price back towards lower supports. The current range-bound situation is expected to last a few more sessions.
On the Upside Bitcoin is experiencing significant congestion between 16,800 and 17,100. The upside is initially capped by horizontal resistance at 16,750-16,800. However, above that, at 16,900, there is a potential current ranges mid-point. All of these levels make it difficult for price to have a smooth upswing. Bitcoin will need to gain acceptance above 17,100 in order to move higher into the 17,500, 17,950, and 18,150 regions.
On the Downside the initial supports at 16,350-16,215 levels provided good intra-day support. However, if buyers do not step up with strength, these supports will remain vulnerable. Breaching these supports exposes the price to 16,130, then 15,930. The session has strong support from 15,790 to 15,630 levels.
