12-Hour Analysis:
Big Picture: The session remained moderately volatile, with bulls maintaining control and pushing the price upward for another session. Bitcoin is rapidly reaching a critical pivotal level, above which lies an extremely bullish outlook, while any signals of distribution between 28,200 and 30,000 levels would cause a trend reversal. And though, a short-term corrective pullback into lower supports remains possible, as does a sustained drag on the upside.
On the Upside congestion on the upper levels is still noticeable. As price surges, price action is becoming more intense. Intraday profit-taking is now putting pressure on upward momentum. Whereas for the session, the initial resistances are still at 28,490, followed by 28,750. The next resistance wave is expected above this zone at 29,075 levels, followed by 29,800 to 30,000 levels.
On the Downside intraday supports in the 27,750 zone are now preventing any more rounds of profit-taking. This is a significant intraday support zone, and holding it is favoring the upward potential. While losing this supporting range may lead Bitcoin into a short-term corrective phase aiming for lower supports in the region of 27,220 to 26,950 levels. This region correlates to a 23.6% retracement on Fibonacci levels. At this levels, a decent reaction is still likely. Any additional breakdowns would expose the price towards 26,200 and possibly lower into the 25,550 to 25,200 range.
