1-Day Analysis:
Big Picture: Following the massive run higher, Bitcoin is currently gone a bit slow and ranged in recent days. Price is still trading inside the converging triangle pattern, and in order to witness another impulsive move, price must break out of the formation and begin another trending phase. If price experiences a positive breakout, it is likely to continue with the current trend and seek higher resistance levels in the coming days. Meanwhile, any lower breakdown of the pattern would mean-revert the price down towards the EMA levels and lower support as a corrective measure.
On the Upside the initial resistance level is 34,550. Despite several efforts, no daily candle has been able to close above this level. Above this level, the next wave of resistance is just as equally strong and is located between 34,840 and 35,075 points. Once these obstacles are cleared, the price is anticipated to continue its upward trend.
On the Downside Bitcoin has very strong support presence between 33,970 to 33,670. These are the supports that have been resisting any efforts for a correction lower. As long as these supports are maintained, price will continue to offset the corrective phase. Meanwhile, if sellers are successful in starting a corrective phase, prices may initially fall into the mid-range levels of 33,000 to 32,940, where there is strong horizontal support as well as dynamic support, which can produce a positive reaction.
