4-Hour Analysis:
Big Picture: Prices remained dry and consolidative, resulting in slower price fluctuation. These indications are strengthening, signaling a possible breakout in the coming sessions. A strong trending move is expected on the breakout, paving the way for a comfortable 10-15% move. In the case of a bullish breakthrough, the levels around 34,000-35,000 will be ideal objectives, while in the event of a bearish breakout, testing the recent lows will be the primary focus.
The Upside the original intraday resistance level of 30,650-30,800 has remained steady. Following that, we have the 4-hour based EMA-200 at 31,395. This EMA has been rejecting the price surges for past few sessions. Reclaiming this EMA will be a massive win for bulls, who are then likely to target the next key resistance at 31,850. Any further upside movement will require a strong hold above this level. If the market breaks out over the 31,850-32,000 area, the next upside objective is 32,650 to 33,700, followed by 35,000.
On the Downside, the trendline provides initial support at 29,550-29,450. This is a major trendline support, However breaking this would expose Bitcoin towards the 4-hour range lows of 28,750-28,250 once more. Range Lows is a significant price support level, and maintaining it would favor the bulls. If this level is breached, the decline could continue towards 27,475 and potentially as far as 26,700.
