BTC-“Watch-Out for Correction”

1-Day Analysis:

Big Picture: Bitcoin continues to be on a strong upward trend. However, price has already started to trade below the psychological support level of 30k, which could indicate a good intra-day corrective phase. Intra-day corrections are required to keep the trend healthy for the bulls. Any short-term corrections will be viewed as a chance to add to existing holdings and fresh entries for dip buyers.

On the Upside resistances ranging from 30,800 to 31,000 levels kept the profit-taking wave intact and prevented Bitcoin from rising higher. This region may continue to present difficulties for the bulls. Surpassing it will contribute to the positive momentum, and the price is expected to go for the 31,795 level next, followed by the 32,465 level. Another partial round of profit-taking is expected around the 32,465 range.

On the Downside Bitcoin is now holding at the 29,800 support level. This support has shown for price support several times in the previous several sessions. If this is lost, the corrective phase would be accelerated towards the 29,200 level, followed by the 29,075 to 28,750 levels. These are breakout-based supports, therefore this level should have a significant bullish reaction. Fresh demand inflows are expected at breakout support levels.