BTC-“Use Strength for Profit-Taking”

12-Hour Analysis:

Big Picture: The pressure on Bitcoin continues to rise, as buyers have been struggling for a while now. Sellers are gradually gaining the upper hand and breaking support levels one by one. As bears eye the liquidity region in the coming sessions, Bulls must gain strength above the 30k mark to negate these signs of weakness and once again gain control of the trend.

On the Upside intraday resistances continue to add-up. The session’s initial resistance is at 28,300. Regaining this level would send the price back up towards the 28,800 to 29,075 resistance zone. This level remains very important once more. Strength over this level will assist Bulls regain much of their lost strength.

On the Downside price broke through the trendline support and tested the EMA-100 support level at 27,650. The immediate reaction was substantial, as anticipated earlier. However, the inability of buyers to show some strength has caused the price to lose some of its supports. If buyers do not step up, sellers will push for the next liquidity zone in the range of 26,600 to 26,200 levels.