4-Hour Analysis:
Big Picture: The bullish pattern causes another breakthrough to the upside, reaching the Range Top Level for the first time since November 2021. This range high resistance was a crucial barrier, limiting the previous bullish market and its extended upside. Once again, this range is being tested by bulls, and if bulls can break through, another period of hyper activity is expected to be observed, initially towards the previous All-Time High Level and perhaps beyond it.
On the Upside price has challenged the range-high of 64,850, and the initial test is proving difficult for the bulls. Around these range levels, there has been some significant profit-taking. Bulls would need to withstand any selling pressure around these levels if they are to go higher towards 67,000, followed by 68,100, then ultimately towards the all-time high levels of 69,000.
On the Downside there are fresh potential supports around 63,400 to 62,950 levels. This is the recent breakthrough level on the lower timeframe, which may now position itself as supporting levels. Furthermore, quicker EMAs of 12 and 24 are going to place themselves within this range, adding to the favourable conditions. Furthermore, as long as this range holds, Bitcoin is unlikely to have significant corrective downside swings. However, breaching these supports would expose price towards the 61,000 to 60,400 range levels.
