4-Hour Analysis:
Big Picture: Since returning back into the range following the manipulative move, the price has been subjected to rounds of sustained pressure driven by progressive and steady profit-taking. The volatility is expected to remain high within this range. Meanwhile, a lot of solid supports are circling in this area, however any pressure buildup below the mid-level would likely accelerate the profit-taking phase.
On the Upside once again, the resistance zone of 37,560 to 37,770, as well as the range highs, proved too powerful for the bulls. Meanwhile, the continued selling has driven the price lower, creating some intraday resistances once more. The primary resistance for the session is at 37,250. Above this level, the next obstacle is the intra-day levels that have previously posed difficulties for the price.
On the Downside yesterday, the EMA-100 level and the horizontal support at 36,800 protected the price and halted the profit-taking rounds. These levels are expected to retain their support; however, below the EMA-100, the next levels of support are the mid-point and trendlines. Both of these are critical levels for bulls to keep. The Mid-Range is at 36,545 and the trendline levels are almost at this level. Any growth of pressure below these supports exposes Bitcoin towards the 4-hourly EMA-200 level at 35,520.
