12-Hour Analysis:
Big Picture: The 12-hourly EMA, in combination with the channel top, triggered a massive sell-off, bringing prices back to the lower-based support region. Bitcoin is now at a crossroads with equally strong supports. These supports must be maintained on a daily basis in order to keep the hope of recovery alive. Continuous closing below these levels would slow the price action and invite choppy conditions back.
On the Upside price is once again capped at the top of the range. Several new intra-day resistances have emerged. The initial resistance is seen at 20,050, followed by 20,200. Above that price, resistance is found at 20,550-20,790. These levels will once again act as roadblocks to a smooth upward run. However, the major resistance level is now set at 21,500-21,850.
On the Downside the price has returned to the 2018 support levels. Furthermore, the trendline supports are located at these levels this time. As a result, the range level between 19,800 and 19,550 would be essential for overall price action. While holding this level would keep things away from aggressive selling, falling below it could trigger another sell-off targeting 18,400-18,050 region.
