BTC – “Wait and See Approach”

8-Hour Analysis:

Big Picture: The preceding several Bitcoin sessions were a roller-coaster of a ride. Yesterday’s session started out high, but it rapidly faded, leading to aggressive profit-taking. Bitcoin ended up erasing all of the day’s gains and falling by a few points. Such price activity has harmed optimistic sentiment and left bulls in a difficult spot once more. 

On the Upside initial resistance is seen at 19,550-19,800 yet again. Following that is the latest recent rejection range of 20,550-20,790. This level proved to be quite difficult for bulls to surpass on their initial attempt. Unless and until the price rises above this level, the upside is likely to be limited.

On the Downside as the price fell below the 19,800 barrier, minor profit-taking was quickly converted into panic selling. The session’s initial support remains at 18,250-17,950. For the previous 20 trading sessions, this support zone has held the price. This makes it an important mark to hold since any buildup of pressure below this may expose Bitcoin to 17,620 and can further drop it towards 16,000.