1-Day Analysis:
Big Picture: The previous session was quite volatile, with the price concluding with a long-legged Doji candlestick, signaling indecision. Today, however, the price opened the session a bit stronger and is on track for some recovery. However, the bullish aggression has been tamed by the Mid-Range levels, and bulls must now overcome the mid-range to recover the aggressive stance.
On the Upside price will continue to encounter early resistance at 27,850. Surpassing this level would assist in momentum improvement, allowing price to re-target the levels of 28,125, followed by 28,430, where the mid-range level is located. The next bullish wave for Bitcoin exists above the mid-range levels, as holding the mid-range reopens the range between 28,430 to 31,000 levels.
On the Downside yesterday, the initial level of support remained solid. The price has horizontal support between 27,300 and 27,350 levels, but the EMA-100, which has been rather reactive towards the price, was also positioned in this region. This has enhanced the level’s supporting strength. If bulls are unable to regain the bullish momentum, Bitcoin could drop deeper into the 26,600 to 26,500 range, and perhaps into the 26,200 range, if price declines any lower.
