BTC-“Congestion Ahead”

4-Hour Analysis:

Big Picture: BTC attempted but failed to break into the bullish zone owing to various congestion spots. We are again back in the choppy domain; keeping this layer would reinforce the price for another break-through attempt. However, underneath this layer is bearish pressure, while above it is a bullish domain. Going forward, the recovery is still intact, and re-testing the lower levels with a decent reaction would be a positive sign for a much bigger and sustainable correction.

On the Upside the initial resistance at 21,350 capped the upside. Furthermore 4-hour based EMA-50 got tapped and gave a quick rejection on the price. Both these resistances are key for price to reclaim to push towards the range’s highest point of 22,800. Going forward, 22,800 is a critical level for price to breach in order to drive further bullish excitement, which is projected to drive price to 23,700 initially, followed by 25,000 in the coming sessions.

On the Downside 20,100-19,950 levels once more acted as strong supports and stopped further slippage. Following that we have next support at the previous ATH of 19798.70. Any drop below this level, on the other hand, will send the market into re-test of lower supports around 19,050 followed by 18,595.