BTC-“Weekly Resistances Approaching”

2-Hour Analysis:

Big Picture: For the previous 14 trading sessions, Bitcoin has been trading in a range. The range has been constructed between 31,230 to 21,400 levels on the upside, with support identified between the critical support levels of 30,000 and 29,800. Overall, the range-bound situation may persist for some time unless a breakout occurs.

On the Upside the initial resistance level will be at 30,880, followed by 31,000. The next layer of resistance is positioned at 31,200 to 31,400 levels. On lower-time frames, this resistance zone remains a range high. Furthermore, this region has been preventing Bitcoin from breaking through towards the weekly resistances of 31,700 to 32,650.

On the Downside 2-hourly EMA-100 is the initial protection level for the session. The EMA is now at the level of 30,520. Breaching this support will most likely expose Bitcoin to the 30,400 level, followed by 30,250. However, after capturing liquidity at higher levels, price is expected to breach these supports and re-test the main supports and range lows of 30,000 to 29,800.