1-Day Analysis:
Big Picture: Another consolidation session with thin price action. Bitcoin has been under pressure since losing the June level and is currently in the midst of a third wave of decline. The impulse sizes are beginning to shrink with each preceding wave, indicating that much of the bearish sentiment has now been exhausted and that any further downside looks likely to be bought up.
On the Upside 16,950-17,100 levels have again capped the upside. This region has made it difficult for the price to sustain above. Expecting this level to remain as a key intra-day resistance, while any back to back candle closing above this will lead to another upsurge targeting 17,500 followed by 17,700 and eventually into 17,950.
On the Downside supports are still being developed. On lower time frames, 16,650-16,550 have been adequate supports. If these levels hold for an extended period of time, another up surge is likely. While losing these supports, the price may fall to lower supports at 16,210, followed by 15,950. Furthermore, as long as Bitcoin maintains its recent low of $15,520, downside risk will be contained.
