1-Day Analysis:
Big Picture: The session continued in a volatile state. Furthermore, price remains blocked above the intra-day resistance level of 31,000$. Price’s strength above this level will result in a bullish continuation, thereby ruling out the prospect of a short-term correction. While on the other hand, if price fails to gain strength above this level, a re-test of immediate supports may occur before bulls re-attempt a breakout.
On the Upside the initial resistance level of 30,575 has remained steady. Price has been engaging this resistance level for the past 7 sessions, and no session has been able to close above it decisively. A clear break over this barrier is still required for Bitcoin to move higher. If this is successfully broken, the upside would be extended towards 31,000 to 31,200 levels initially, with opportunity to move towards 31,790 to 32,650 levels thereafter.
On the Downside Bitcoin has been able to develop fresh supports. The price is presently developing intraday support at 30,250 level. This level has been keeping price from falling further on lower time frames. Price, however in intra-day session, overstretched this support level yesterday, testing the 30,000 to 29,800 region, but swiftly rebounded and closed the candle above the 30,250 mark. Nevertheless, if Bitcoin fails to break and sustain above the 31,200 mark, the corrective fall might continue further down, initially towards 29,200 followed by 28,800.
