12-Hour Analysis:
Big Picture: The preceding few hours have been volatile and choppy. After major impulses, there are usually rounds of consolidation before another momentum-based price rally occurs. Moving forward, price is projected to remain volatile over the next several hours, with no significant price movement anticipated. Meanwhile short-term movements are still possible in the coming hours.
On the Upside Bitcoin pushed into the resistance level of 28,850 to 29,020, but the price was unable to sustain the move, prompting profit-taking. This level remains one of the session’s major challenges. Strength beyond 29,020 is required for Bitcoin to extend its upswing into higher levels. If successfully achieved, the price could rise towards 29,400, with room for 29,800 and 30,000 as well.
On the Downside price has challenged the levels of 28,180 to 28,040 several times, but each time the dip buyers were able to generate interest. This keeps the support region of 28,180 to 28,040 as valid for the session. This region serves as the price’s primary support level. Meanwhile, if the price fails to advance to the upside, the choppy range could extend to the next lower supports. Below 28,040, the next level of support is between 27,650 and 27,550.
