8-Hour Analysis:
Big Picture: The BVOL parameters have improved in the previous few sessions, indicating some active participation from the participants. However, as previously said, situations have been very volatile in recent days. Yesterday, on the eve of the close, bulls launched a strong move inside the range that touched intraday resistance. After testing the resistance levels, the bulls were unable to maintain momentum and lost their strength. Bitcoin has been under heavy pressure after testing the barrier and has already given up its gains from yesterday.
On the Upside as price began to show some strength above the 25,960 level, momentum accelerated up and broke over the level of 26,125 while aiming for the next resistance zone of 26,350 to 26,550. As the price entered this range, an instant reaction was observed that held the price at these levels and then forcefully reversed it as the price failed to gain momentum beyond the EMA-50 level. Resistance levels of 25,960 and 26,125 have been re-established for the session.
On the Downside bulls were able to gather some momentum after maintaining the 25,620 support level, allowing them to re-aim for higher resistances. Price re-tested the upper resistances but was unable to break through them, resulting in an intra-day sell-off that dragged price back into the support levels. Currently, 25,620 is giving support against a severe sell-off; if it can withstand this pressure, the momentum may slow down again as a result of frequent failures on both sides. Breaking below 25,620 is critical for sellers to continue strong and drive price below weekly supports of 25,250 to 24,850 levels.
