1-Day Analysis:
Big Picture: Price has remained volatile and choppy as a result of the consolidation. Despite yesterday’s pressure session, sellers were unable to breach below the supporting range. Furthermore, the current session is establishing a bullish engulfing candlestick pattern, indicating that any fall for the time being is attracting interest from buyers.
On the Upside Bitcoin has a handful of resistance levels ranging from 30,757 to 31,200. Between this region the other important intra-day resistances between these levels are at 30,700 and 31,000. Bitcoin may get more aggressive if it continues to trade over the 31,200 barrier. A push towards 31,800 followed by 32,650 would be on cards.
On the Downside another addition of intra-day support at 30,400. Bitcoin has another support level below that, which is at 30,250. Both of these supports are expected to contribute positively to the session. However, the session’s major supports remain between 30,000 to 29,800 levels. These levels were challenged again yesterday, and they not only limited the slide but also triggered a powerful reversal. Downside is unlikely to stretch further lower unless these supports break.
