12-Hour Analysis:
Big Picture: Another session with volatile price activity was noted. The session started with heavy price activity, but in the later hours of the session, bulls made a powerful and surprising move, dragging price back higher. Bitcoin, on the other hand, is now in a major congestion zone, and the slow price climb is delaying any efforts at a corrective phase. A corrective phase into breakout-based supports would be a favorable condition for overall price health, allowing buyers to re-energize themselves.
On the Upside the levels of 28,750 to 29,075 continue to hinder Bitcoin’s possible higher advance. This is a significant degree of resistance and has historical significance. Bitcoin has used this region as a significant support level in recent years and is now challenging it as resistance. Additionally, this region overlaps with higher-time frame resistances, therefore price is predicted to encounter a difficult scenario in this zone. Stronghold above 29,075 would allow for a move higher into 29,350, followed by 29,800 to 30,000 levels.
On the Downside price has once again established the 27,750 level as support. This is the major support for the session. Below this level, the next level of support is at 27,220, followed by 26,950 and 26,600. Previously, 26,600 proved to be a very strong support level, and it is predicted to respond similarly in the future. If this support is broken, then the much-anticipated corrective phase will proceed, aiming for 26,200 levels initially and possibly extending into breakout-based supports between 25,550 and 25,200 levels.
