4-Hour Analysis:
Big Picture: Bitcoin reacts to the 4-hourly EMA-200 and pushes the prices back towards the intra-day levels. For the past few days these price surges are failing in surpassing the intra-day resistance levels which is a sign of concern. Bitcoin bulls need to get over the 24,850 mark soon to remain on the front foot. Failing to show such a strength will re-invite the sellers who are currently on sidelines.
On the Upside the initial resistance level of 23,480 continues to limit the upside for another session. To re-test the congestion zone at 24,300-24,890, Bitcoin must break through this level. The upside is limited unless and until price establishes control above this zone. A clean break will pave the way for a 5-10% price increase in the coming sessions.
On the Downside the support bracket between 22,800 and 22,550 stepped up once again and stopped the fall. Not only did it come to a stand, but it also prompted a decent surge back up. These supports continue to be important, and the EMA-200 has now responded strongly. To counteract any intraday selling pressure, this response now requires back-to-back follow-on candles over 23,480. Failure to do so will expose this level once again, potentially breaking it further towards 22,200, then 22,000-21,800.
