2-Hour Analysis:
Big Picture: The volatile conditions persisted over the weekend, with no clear direction. This volatility is likely to continue, as price seeks to move for stop hunting. This is expected to lead to another round of range-bound trading between the 26,000 and 34,000 levels. However, any aggressive move early in the week might backfire and result in a change of hands.
On Upside the initial resistance is at 30,000-30200, followed by 31,050. BTC must gain strength over 31,050 in order to move further towards the key resistance level of 31,820. Unless BTC breaks beyond this level of 31,820, further gains are unlikely. Since early May, this level has been limiting the gains. As a result, this is a critical barrier that must be broken for the price to expand targets towards 32,680, followed by 33,700.
On Downside the initial intraday support level is 29,550, followed by 39,300. These are reasonable intra-day support levels. Following that, the next significant intraday support level is at 28,430-28,200. This is where a significant reaction is most likely to be observed upon test. Furthermore, this is the last decent support level, a breach of which opens previous lows once again, followed by additional lows towards the 24,000-22,000 zone.
