BTC-“Volatility to Continue”

12-Hour Analysis:

Big Picture: Volatility remained elevated for another session. Overall price movement was narrow between intraday resistances and intraday supports. The overall trend is still in a decision phase, with strength above intraday resistances leading to more corrective upside and any break down below the liquidity level risks further downside.

On the Upside Bitcoin has been under pressure between 27,350 and 27,600. This zone has limited the recent corrective phase and has pushed prices lower once more. These levels are still strong resistances for the day. Strength over these levels will drive the price higher into the 27,800 level, followed by the 27,950 to 28,300 region. This is yet another area of strong resistance. 

On the Downside the short-term support levels between 27,140 and 26,850 were tested once more, and price was able to break a portion of these supports. However, the 26,850 level is still intact and protecting against any sell-off. Bitcoin has significant intra-day supports below this region, first at 26,650 to 26,530 levels and then at 25,800 to 25,500 levels. These are still critical support levels to keep in order to avert an extreme selling spree.