1-Day Analysis:
Big Picture: A volatile session was witnessed as price reacts to the key levels. Another initial rejection off the daily EMA-12 prompted intra-day profit-taking which was quickly countered as buyers stepped in and protected off the previous All-time high key level. Going forward ranges are likely to expand in coming sessions as price looks for a breakout. Another encouraging development has been observed on a daily as price action creates a higher low.
On the Upside the first intraday resistance is still being faced by EMA-12 daily. After that, there is significant intraday resistance located between 20,350 and 20,685. Additionally, Bitcoin just challenged its 4-hour EMA-100 at 20,685 for the first time in a month. Bulls are going to need to break over this major resistance level. Above that, the next resistance level is projected to be between 21,350 and 21,500, then 22,200.
On the Downside 19,800 still continuous to provide immense support. Furthermore this level is now also protected by 4-hour based EMA-50. Below this level the next key supports are at 19,050 and 18,590. The bears are being resisted by these vital supports. Therefore, holding these support levels is crucial. Also, any consecutive hourly close below 18,590 may trigger new selling pressure, sending prices first toward 17,300 and then towards 15,850.
