1-Day Analysis:
Big Picture: Bitcoin is challenging the previous 52-week high of 31,000 level. Due to significant weekly resistances, price is now getting heavy in this zone. Consolidation continues to favor the bullish perspective, and maintaining the lower support levels is expected to set off another push towards the upside. However, the tendency to drop lower is currently being resisted by the supports below; however, breaching these supports would dissipate the established momentum and would most likely set-off a descend.
On the Upside Bitcoin is seeing significant profit-taking over the 30,575 mark. Price has struggled to build strength above this level after several tries, forcing rapid profit-taking as price begins to ascend above this level. This level will continue to be the session’s primary resistance level. Strength over this level allows for a push towards 31,000 to 31,200 levels. Above these levels, Bitcoin faces weekly resistance ranging from 31,790 to 32,650.
On the Downside, over the weekend, the price was protected by the support area ranging from 30,000 to 29,800. As long as the 28,800 support level holds, the consolidation continues to favour the positive perspective. Unless the price goes below 28,800, a significant sell-off is unlikely and should be viewed as a buying opportunity. However, any pressure built below 28,800 could swiftly shift sentiments, leading to nervous profit-taking.
