BTC-“Volatile Conditions Expected”

4-Hour Analysis:

Big Picture: The ongoing corrective phase has struggled at the 50% Fibonacci level leading to a strong intra-day profit-taking. The profit-taking pressure may increase further if the price begins to maintain below the 27,415 mark. This wave of profit-taking, however, is expected to hold off the current momentum and keep the session volatile and choppy.

On the Upside the intra-day resistance will once again be seen at 27,415 level. Regaining this level will lower the profit-taking pressure and can once again push price towards the higher levels. Above 27,415 the next level of resistance is at 27,700 followed by 27,950 and 28,300. Strength above 28,300 is still key to extend the upside further.

On the Downside after losing 27,415 level, Bitcoin is currently testing an intra-day support level of 27,200. This is the sessions initial support level, while losing this level would further add-up to the pressure, exposing price into even lower supports around 26,950 level followed by 26,800 and could even re-test 26,530 level.