1-Day Analysis:
Big Picture: The previous week was quite volatile, with prices first surging and then losing momentum and giving up all points after mid-week. Overall, price remained sideways for the most part throughout the weekend, as lower-time frame indicators were very oversold, leaving no room for any impulsive move. The week is expected to be volatile and choppy for the most part.
On the Upside at 16,800, the pricing is starting to get limited. This level is currently establishing itself as the day’s initial resistance. Above this, the next resistance level is set to be at 16,900, followed by the 17,220 to 17,380 range. This region presents significant challenges for Bitcoin. However, a daily closing over 17,620 would be very promising for price in turning around this current pressure.
On the Downside individually, the 16,700 level has been protecting the price from additional declines. This remains a solid support for Bitcoin, but a break below it could extend the drop towards 16,550, followed by 16,230, and possibly retarget the recent lows.
