4-Hour Analysis:
Big Picture: As we progress along the range, the price has begun to dry up. Such price activity generally indicates the approach of a possible breakout. Going forward, the range of 32,000-28,500 remains relevant for the time being, but a breakthrough on either side is likely to provoke a 10-15% impulsive move. In the event of a bullish breakthrough, 34,000-35,000 levels are expected to be ideal objectives, while in the event of a bearish breakout, testing the recent lows remains the primary aim.
The Upside remains unchanged, with the initial intra-day resistance indicated between 30,650-30,800. Following that, the price has created many significant resistances between 31,600 and 32,000. For the past few days, 4-hour EMA-200 has been observed defying the price. This EMA was tested several times and each time a quick rejection was noticed. Following that, we have critical horizontal resistance at 31,850. As a result, in order to escape short-term selling pressure and begin a sustainable up trend towards 32,650, 33,700, and eventually 35,000, the price must rise over 32,000.
On the Downside, initial support is seen at 30050 level. Following that the trendline provides support at 29,250-29,100. This is a major trendline support, 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.
