BTC-“Wait and See Approach”

1-Day Analysis:

Big Picture: As the price began to trade over the 25,500 barrier, a hyper-move was initiated. Nevertheless, the advance was incredibly short-lived as buyers were unable to maintain the momentum, paving the way for intra-day profit-taking, eventually closing back below yesterday’s intra-day resistance. Price is now deviating below 25,500, while Bulls are hoping for another breakthrough attempt above 25,500, thus volatility is expected to increase in coming hours.

On the Upside Bitcoin was barely shy of testing the 26,600 milestone but it sold off before reaching it. Yesterday’s hyper-move failed to provide the session a close above the critical milestone of 25,500. This has reinforced the intra-day resistance level of 24,670, followed by 25,500. If buyers can re-establish momentum above the 25,500 mark, a much smoother advance to the upside is expected, re-targeting the 26,200 level, followed by 26,600, and finally 28,650.

On the Downside for the moment, significant support is predicted from the levels of 23,950 to 23,700. This zone should ideally retain the price; otherwise, the re-test could prolong and revisit the 23,200 level, and potentially could also look to aim 22,800 to 22,550 region before any continuation to the upside. As long as bulls retain the 22,800 to 22,550 level, the short-term bullish outlook remains firm.