1-Day Analysis:
Big Picture: The severe volatility in Bitcoin continues, with yet another incredibly choppy session. Volatility has been high recently, but it took an even sharper rise as major impulsive behavior was observed in both directions during the previous two sessions. Price partially broke beyond the trendline barrier, but it lacked the continuation that led in some extremely powerful rounds of profit-taking. Moving forward, the volatile and choppy trend may continue for a few more sessions.
On the Upside the first price barrier is set at 36,500. Above this, the next level of resistances are at 36,980, followed by 37,200. Owing to the volatile price movement, any strength during the session could swiftly lead to profit-taking. Furthermore, a range formation between 38,000 to 35,000 levels may occur in the next days.
On the Downside yesterday’s significant selling pressure was contained by support levels ranging from 35,760 to 35,605. This range will remain a solid supporting zone throughout the session. Furthermore, if Bitcoin enters a range-bound situation, 35,100 will be an essential support level. If the price honors the support level of 35,100, a range is most likely to be developed, and this level may turn out to be the range low. Meanwhile, if the price fails to hold this support level, another decline towards 34,600 and 36,400 is possible.
