BTC-“Choppy Range”

4-Hour Analysis:

Big Picture: Since the first rejection of the upper range, Bitcoin has stayed in the choppy domain. Furthermore, the support levels remain intact and steady. Price is expected to act choppy as long as it continues caught inside this range. However, a breakthrough on either side will drive the trend in the following hours. Regaining the bullish range is expected to pull prices in the 22,000-22,800 zone. Losing the supports, on the other hand, is likely to prolong the fall towards the lower supports.

On the Upside the initial resistance is expected at 20,850-21,000, followed by 21,350. Furthermore, the 4-hour EMA-50 is a key resistance level.  These barriers must be overcome for price to recapture the range’s high point of 22,800. Going forward, 22,800 is a vital mark for price to surpass in order to generate further bullish excitement, which is expected to drive price to 23,700 initially, followed by 25,000 in the coming sessions.

On the Downside the levels of 20,100-19,950 remained firm support, preventing any further loss. Following that, we have historical support at 19798.70 ATH. Any collapse below this level, on the other side, will drive the market back to lower supports at 19,050, followed by 18,595.