4-Hour Analysis:
Big Picture: The bulls carried the burden of the move and delivered on time and triggered a massive bullish breakthrough from the falling wedge formation. Price has increased by about 10.50% since Monday’s session. This has been one of the pair’s biggest single-day candles, with exceptionally high volume flows. The moment has once again moved in favor of bulls, who are now staying firm and may be aiming for higher peaks in the next hours or days.
On the Upside once the price broke over 52,000, there was an enormous inflow of volumes, giving bulls a significant momentum boost, allowing them to take on the 52,880 level. Bulls scored back-to-back victory as both resistances were taken out in single attempt, allowing for a significant momentum shift that pushed price above the 55,000 resistance level and towards the 57,000 barrier. For the session, the initial resistance is 57,250, followed by 57,680. Above these levels, the price faces the next set of resistance between 58,800 and 59,080.
On the Downside price is aggressively attempting to turn the 56,650 level into support. If this is achieved, the bulls are expected to make another move; nevertheless, below this level of support, Bitcoin has lower supports at 56,020 and 55,650. These are the prevailing support levels for the day. Any breakdown below these broadens the lower re-tests towards 55,000 and 54,300 levels.
