8-Hour Analysis:
Big Picture: In yesterday’s session, Bitcoin’s volatility index was at support levels which caused some intra-day volatility. Such a possibility was also mentioned in yesterday’s reporting. Furthermore, the price movement stayed limited between the critical levels, which was the primary reason for such volatility. Price initially tested weekly support levels, which overpowered the sellers and triggered a quick intra-day bounce back towards the upper EMA levels.
On the Upside price struggled once again to break over the initial resistance levels of 25,960 to 26,125. Furthermore, this range is becoming increasingly crucial as quicker EMA’s are approach it and adding to the existing resistances. The faster EMA settings of 26 and 32 are adding to the resistance at these levels. Above these levels, the next resistance is targeted around 26,350 to 26,550. Price is surrounded by EMA-50 around these resistance levels. Bitcoin must rise above these initial ranges in order to get towards the levels of 27,125 and perhaps 27,815.
On the Downside Yesterday, the price fell below the intraday support level of 25,620 and almost challenged the weekly supports. As price approached weekly levels, there was an instant reaction that drove prices higher. Therefore, the support level of 25,620 has survived and continues to be valid for the session. For the previous two weeks, sellers have also been struggling from weekly support levels of 25,250 to 24,850.
