1-Day Analysis:
Big Picture: Bitcoin has been trading between 17,620 and 15,580 in recent sessions. This condition may persist for several sessions unless strength on either side is observed. A break above 17,620 will open the door to more upside for the bulls, while breakdown below the recent low will extend Bitcoin’s losses towards lower supports.
On the Upside similar resistances continue to limit Bitcoin’s upside potential. The initial resistance level remains at 16,950, followed by 17,100. Above that, the next level of resistance is visible at 17,620. This is a significant resistance for the session. Strength above this will almost certainly invite panic short-covering, opening the door to 17,500, 17,700, and 17,950.
On the Downside fresh support is being developed. However, reliable reaction zones can be found at 16,550 and 16,210. Holding both of these levels will favor short-covering events, as any break below these supports will send Bitcoin back to its recent low support level of 15,520. Furthermore, for the time being, this level does not have enough strength to withstand multiple selling attacks from sellers.
