2-Hour Analysis:
Big Picture: The previous session began with a strong push to the upside; however, failure to break above intraday resistance levels resulted in profit-taking, which drove price down back to the supporting range. Sellers have been unable to entirely break the level during the previous several days, but they have been able to effectively penetrate it much deeper. The bullish attempt yesterday had little results, as Bitcoin remains at a vital level.
On the Upside the previous session was capped by an intraday resistance level of 30,450. Not only did it halt the upward trend, but it also caused a significant intra-day sell-off, sending the price back down. 30.250 is re-established as a barrier for the session, with another addition of resistance at around the psychological threshold of 30,000. This is a cautious development for the bulls, who have been aiming for new range highs. Bitcoin is unlikely to see a significant upward surge unless the 30,450 mark is broken.
On the Downside adding pressure is presently putting the 29,800 support level in jeopardy. Since the 22nd of June, no daily session has been able to close below this support level. However, sellers came dangerously close to finishing the session below this level, but bulls reclaimed it before the candle closed. Loss of this supporting range will be a setback for the bulls, perhaps leading to a corrective phase with first targets of 29,525 followed by 29,200 and possibly lower.
