BTC-“Stance: Profit-Taking on Strength Advised”

12-Hour Analysis:

Big Picture: Bitcoin sustained the 25,500 level and attracted strong buying interest, propelling the price higher throughout the weekend. Price has broken out over the 25,200 to 25,500 barrier. A re-test of this region is anticipated in the coming hours to sessions. A positive re-test will support the bullish outlook once more. Likewise, any short-term deviation below the breakout will have little influence on the price movement, however any pressure buildups below 25,200 may result in a deeper pullback.

On the Upside many intra-day resistances have been broken by aggressive buyers. But, Bitcoin is about to test another key resistance zone spanning from 28,750 to 31,800 levels. Strong congestion between these levels is likely to reappear. Also, testing this region may spark healthy profit-taking, which could be intense. The session’s initial resistance is at 28,350, followed by 28,750. Over 28,750, the next wave of resistance is between 29,800 to 30,000 levels, which is also a psychological milestone.

On the Downside many intra-day supports have emerged. Buyers who have been sitting out this rally are certainly seeking for catalysts to enter new positions. This might result in increased demand for support levels. Nonetheless, the session’s initial support level is 27,550, followed by 27,220. The next intra-day supports are at 26,950 and 26,200 levels. Also, the breakout-based levels between 25,500 and 25,200 hold significant importance for the session.