4-Hour Analysis:
Big Picture: After the price of Bitcoin gained acceptance over the 26,500 barrier, it shocked aggressive sellers. Previous reports had suggested that the 26,500 level will be important in the next several sessions. Regaining this level pushed the price into a corrective phase, which prompted intraday short coverings. However, as soon as Bitcoin exceeded the 27,415 mark, these short coverings swiftly turned into panic short coverings pushing price even higher.
On the Upside price is currently attempting higher levels after breaking above previous intraday resistance. The 28,300 level will act as an intraday barrier for the price. Along with the horizontal resistance, this level also has trendline resistance. This will be yet another zone of significant resistance for Bitcoin. But if price is able to go past this point, it will aim for higher levels in 28,800 to 29,200 region, where the 61.8% Fibonacci retracement also exits.
On the Downside the newly recaptured levels should certainly serve as the primary support levels. Bitcoin’s initial support will be the dynamic support of EMA-200 when combination with the horizontal support at 27,415. Below these the next level of support will be at 26,800, followed by the 26,530 level.
