BTC-“Weekly Resistances Approaching”

1-Day Analysis:

Big Picture: Bitcoin is gradually approaching the weekly resistance levels. Price movement has been choppy and uncertain over the previous two weeks. In the meantime, bulls have refrained from executing any hyper moves, but sellers have also been relatively ineffective in gaining control of the trend. Furthermore, it has been observed that when prices rise, a quick profit-taking scenario occurs. Because of the presence of weekly resistances above, caution is advised, and aggressive buyers should avoid being exposed till the level is broken.

On the Upside after multiple attempts bulls succeed in surpassing and offering a closing 31,000 level. This is the highest closing price for Bitcoin in the preceding 390 days. Despite attaining the highest close, bulls are still being tested by the 31,200 resistance level. This resistance is still in place for the session. Surpassing this level would push the price up towards the 31,700 to 32,650 range.

On the Downside 30,750 could mark the intra-day support level. Below this, the next two supports are at 30,400 and 30,250. As Bitcoin approaches the weekly resistance levels, a significant wave of profit-taking cannot be ruled out. If price gets heavier around the weekly resistances, the lower supports are likely to be re-tested. Bulls holding these levels would retain the short-term momentum, while failure to hold these intra-day supports would allow for a slide down towards the key support levels of 30,000 to 29,800.