3-Day Analysis:
Big Picture: On the 3-day chart of Bitcoin, a consolidative phase is now visible in the demand zone. These are historically important levels, as the previous Bull Run began at this level in November/December 2020. As long as these levels hold, a push to the upside is still attainable. However, if the price causes another sell-off in the coming sessions, it will be seen as a hyper move that could eventually be unsustainable and may be aggressively countered. In that circumstance, the likelihood of a bullish divergence on indicators remains high.
On the Upside intra-day resistance is seen at 19,800 followed by 20,850 and 21,000 mark. Following that, there is a significant intraday resistance at 21,870. Above this level, strength will pave the way for a re-test of the EMA-32 at 22,270. Last week’s effort on this EMA was denied. Bulls require a hold over EMA-32 to initiate a strong move to the upside, with targets of 22,840, 23,750, and eventually EMA-50 Daily.
On the Downside currently, 19,800 is on the edge of failing. This is a critical level to retake in order to halt the current intraday sell-off. However, failure to regain this level is expected to push the price down to 19,050, and possibly as low as 18,590. Furthermore, any back-to-back hourly closings below 18,590 raise the probability of running down recent lows followed by further decline towards 17,300 and 15,670.
