BTC-“Ascending Channel Formation”

4-Hour Analysis:

Big Picture: The rising channel development continues, but at a reduced speed. Bitcoin has been progressively breaking over resistances, and if this momentum can be maintained, bulls may once again target the trend in a forceful swift manner, aiming for substantially higher levels. However, on the other hand any short-term exhaustions may result in some profit-taking rounds. Therefore, volatility for the session can’t be ruled out.

On the Upside similar to the previous tough spell around the 72,000 resistance level, price is currently struggling at 73,180. A number of tests have been made in this area, but no major breakthrough has been observed; rather, the trend has stalled for the time being. Strength over 73,180 would once again welcome positive momentum for higher levels, with objectives at 74,650 and 75,550 levels next.

On the Downside almost all quicker EMAs are efficiently reacting to price movements. The EMA channels are now the most important source of support for the trend. However, the primary support from 72,120 has held strong for the time being. Holding this level provides considerable protection for the lower supports. In addition, the session’s support level has seen an addition at 42,410. Meanwhile, below the 72,120 level, the next supports are EMA levels ranging from 71,700 to 71,000, followed by 69,800, where the EMA-50 is situated.