1-Day Analysis:
Big Picture: The price is currently ranging between 25,800 and 31,000 levels. This range has been in effect for nearly 200 trading sessions. However, price has been trading below the range-mid levels in recent weeks, which the bulls must regain in order to open the aggressive range between 28,430 and 31,000 levels. Failure to break through the mid-point keeps the price stuck between 28,430 to 25,800.
On the Upside the price has been battling the resistance level of 27,850. This barrier has limited the upside in the last two sessions, and if price is to challenge again into the mid-range around 28,430, it must break over the initial challenge. Furthermore, the mid-range is an important resistance level for Bitcoin; above this level, bullish domination may resume.
On the Downside the intraday supports have held effectively, allowing price to surge back a bit higher. The key support for the session is unchanged between 27,350 and 27,300 levels. This supporting zone is shielded by a variety of supports. As long as price continues to hold this zone, additional declines remains unlikely, while a re-test of the mid-range gets more likely. Pressure build-up below 27,300, on the other hand, could extend the corrective drop back into the 26,600 to 26,500 levels, with potential for 26,200 as well.
