4-Hour Analysis:
Big Picture: The price is channeling in an ascending channel-based trend. Price has been following this trend for a few weeks. Furthermore, this channel indicates the ongoing corrective phase of the price. Bitcoin must recapture the prior All-Time-High level and maintain above it in order to revisit the channel highs. The session is expected to have high intraday volatility.
On the Upside the first important resistance level is spotted at 19,800. Regaining this level will pave the way for the 20,850 and 21,000 mark. There is then considerable intraday resistance at 21,870-21,920. This level contains both horizontal resistance and the EMA-32 daily. As a result, it is a key level for price to overcome in order to gain more ground. Bulls need to stay above the EMA-32 to initiate a strong move to the upside, with objectives of 22,840, 23,750, and eventually the EMA-50 Daily.
On the Downside recently, the price lost the 19,800 support level and fell further before finding support from the rising channel trendlines around 19,350-19,200. The trendlines are anticipated to provide sufficient support for the day, but failure to do so would expose price towards 19,050 initially, followed by 18,590. Furthermore, any back-to-back hourly closings below 18,590 increases the likelihood of running-down the recent lows, followed by a further decline into 17,300 and 15,670.
