1-Day Analysis:
Big Picture: Bitcoin is presently in its ninth session of being heavily oversold. Despite a few sideway sessions, the circumstances on the higher time frame remain extremely oversold, which might lead to any surprised rounds of short-coverings. Furthermore, any hyper movements unveiled by sellers now might backfire and result in a dramatic turn of events. Volatile conditions are predicted to prevail in the coming sessions, therefore caution is still advised.
On the Upside currently, the previous daily demand zone is functioning as a source of resistance. This level ranges from 26,340 to 26,690. Furthermore, bulls face another intra-day barrier at 26,220 just before this demand zone. Bitcoin’s price must rise above these levels to encourage further short-coverings, leading to further corrective upside.
On the Downside yesterday’s session almost wiped out the prior session’s strength. Yesterday, the sellers were once again in command. Furthermore, they easily smashed the support levels of 26,390 and 26,220 before finding support at 25,820. This level, 25,820, has been established as the primary support level for the session, while the major supports remain operational between 25,280 to 24,830.
