12-Hour Analysis:
Big Picture: Bitcoin failed to establish a foothold over the $30k level, keeping the trend volatile and choppy. The uncertainty persists, and neither participant has gained an edge over the other. Furthermore, the monthly candle closed as a spinning top, indicating that the indecision has revealed itself on a higher time frame as well. Going forward, unless price again establishes sustained stronghold above the 30k mark, the downside risk is once again shaping up.
On the Upside Bitcoin attempted to break through the $30k barrier twice, but was met with swift rejection each times. For the last few sessions, buyers have been unable to break through the psychological resistance level of 30,000. Unless and until a clear break above this level is established, Bitcoin’s upward potential remains restricted. Strength over the 30k barrier leads to 30,300 first, followed by the 30,780 level, where another big round of profit-taking is probable.
On the Downside Bitcoin is once again on the brink of breaking through the support levels of 29,075 to 28,800. Over the weekend, these levels effectively protected the price from any downside risk. Currently, the pressure is overwhelming these pillars. Below this zone, the next level of support is provided by the trendline level, which has so far shown a strong reaction upon test. The trendline support around 28,240, followed by the EMA-100 level at 27,650, is expected to be the session’s main supports.
