1-Day Analysis
Big Picture: The week starts with a strong momentum towards the upside. Bitcoin is currently trading above the mid-range level of 16,920 region. This was a necessary level to regain for bulls to have a go at higher levels. There still remains room towards the upside, however profit-taking is advised on strength as
price will face a decisive test at 17,640 level.
On the upside price is at the moment testing 17,180 level. Establishing strength above this level will next take price towards 17,380 level followed by 17,520. Expect intra-day profit-taking to kick in at these levels.
Moreover, to convert this strength into an even stronger rally back-to-back daily closings above 17,640 remains crucial.
On the downside the mid-range levels around 16,920 to 16,840 are likely to act as initial supports for the session. Following this the next supports will once again be seen at 16,710 and 16,630 regions. Holding these supports keeps the trend within bull’s grip, however if these supports are lost aggressive profit-taking can be seen which will expose Bitcoin back towards 16,550 levels and can even expose it towards 16,230
to 16,180 levels
