3-Hour Analysis:
Big Picture: The session remained very volatile throughout the day and is expected to remain so for the next few days. Price is now finding support at the range’s bottom level. Maintaining these levels in the near term may create space for another push to the upside. Additionally, this shift might occur as a result of the apparent lack of selling pressure. Although, the bullish momentum is also beginning to fade, which could change the tides if any significant support level is broken. To prevent sellers from becoming aggressive, Bitcoin must avoid any possible deviation over the 25,500 level.
On the Upside the initial intraday resistance level of 24,480 stays solid. The prior session’s strength above this level was also temporary. The next level of resistance for Bitcoin is between 24,680 and 24,780. Both of these intraday levels will be difficult to break through. However, the session’s major resistance remains at 25,180-25,250.
On the Downside losing 24,250 resulted in lower price levels. Presently, the levels of 23,750 and 23,600 are keeping the price from falling any more. These are strong intra-day Bitcoin support levels. This region is protected by a variety of supports. Yet, it is equally important to retain this zone; otherwise, the price may fall lower and fill the remaining inefficiency between 23,300 and 22,200 levels. Between this range 22,800 is a strong higher time-frame support level, which must be held on a daily closing.
