2-Hour Analysis:
Big Picture: Price remains trapped between the range-bound levels. Yesterday’s session had the sellers testing the lower supports, which generated a strong reaction, and today the bulls have the upper hand and are pushing for the resistance zone. As long as the price is trading inside a range, the smart money will continue to target and trade in the direction of liquidity.
On the Upside the price is presently challenging the resistance level of 31,230 to 31,400. The first surge into this region resulted in swift profit-taking. This will remain the session’s primary resistance zone. Surpassing this region would extend the upside further, initially into the 31,700 levels, breaking which would drive price even higher towards 32,200 and perhaps 32,650.
On the Downside Bitcoin’s fall was limited by intra-day supports and the EMA-100 dynamic support. Furthermore, these levels prompted an intense rebound, bringing price back towards the resistance zone. Failure to break over this resistance level, however, could expose Bitcoin to these supports once more owing to the range environment. The next set of supports come from the support zone below, ranging from 30,000 to 29,800 levels.
