12-Hour Analysis:
Big Picture: On Monday, the price witnessed a decent intra-day correction. Prior reports raised the potential of such a move. A solid reaction has been witnessed from support levels again, and price might build on new momentum for higher levels; but, if it again stops above resistance levels, price could become choppy and irregular over the next few trading sessions.
On the Upside price is once again confronting an intra-day barrier at the psychological level of 30,000. Strength over this level would increase short-coverings and pull price back into the 30,800-31,000 range. Both of these resistance levels are crucial to the session. Price must exceed these levels to signal the end of the corrective phase. If this is accomplished, Bitcoin will rise to the 31,795 level, followed by 32,465.
On the Downside when Bitcoin lost the 29,800 support level, a swift drop occurred, dragging the price towards the 29,200 level and further below towards the breakout-based supports. The breakout-based support’s immediate reaction is just as predicted. During the retest, there was a lot of interest. The breakout supports are expected to stay strong in the current session as well.
