12-Hour Analysis:
Big Picture: The long-awaited rounds of short-coverings are presently underway. Prior reports suggested that late sellers might be a target for the price in quest of liquidity. Shorts are presently driving the price, rather than any fresh buying. Furthermore, price is moving closer to intraday resistances, which asks for active risk management again.
On the Upside the moment price broke through the 27,800 barrier, an aggressive round of short-covering was observed. Bitcoin is approaching the congestion zone and may encounter intraday pressure at these levels. Furthermore, this region may witness a resurgence of fresh sellers, dragging prices back down. On the other hand, if the price begins to find acceptance above the 29,075 mark, another wave of short-coverings may occur, with goals ranging from 29,800 to 30,000 levels.
On the Downside several intra-day fresh supports have been re-added. Initially, price will benefit from supports between 28,350 to 28,075 levels. If this area ends up establishing itself as a decent supporting zone for the session, it opens up the chance of another short-coverage opportunity. However, if these intraday supports are lost, prices would fall back into the 27,800 area, followed by 27,200.
