BTC-“Use Strength for Profit-Taking”

12-Hour Analysis:

Big Picture: The volatile price action continues as both sides strive for the trend. Buyers have shown renewed determination near intraday support levels, driving prices higher. However, aggressive profit-taking on strength remains an option, and active sellers should exercise caution as well. Volatility is predicted to persist in the coming sessions.

On the Upside breaking through 28,300, as expected, has pushed Bitcoin to the prior congestion zone of 28,800 to 29,075. This area serves as a strong resistance line for the session. However, if price is able to reclaim this level and establish strength above it, it will be a positive push for the bulls, who could use this opportunity to push prices even higher into the 29,800 to 30,000 range, with room for further upside.

On the Downside the EMA-100 level has once again provided solid support. Sellers have attempted to breach price below this dynamic level many times in the previous week, but have failed miserably each time. This EMA maintains the session’s primary support level. Unless and until sellers are successful in breaking this, the downside risk remains protected. Losing this dynamic support, on the other hand, would almost certainly expose Bitcoin to the liquidity zone of 26,600 to 26,200 levels.