BTC-“Daily Closing above 24,850: Necessary”

4-Hour Analysis:

Big Picture: Price activity becomes choppy as the market’s indecision returns. No side has been able to seize control of the trend in the previous few sessions, as both supports and resistance remain strong. Nonetheless, following a solid month of recovery in July, the bulls need to climb over 24,850 to be open to more upward. Failure to do so may shift the sentiment back in favor of the resting sellers. Volatile situations are expected to persist.

On the Upside Price rise was restrained by intraday resistance at 23,480. This level continues to be a powerful price resistance. Bitcoin must break over this level in order to re-test the congestion zone at 24,300-24,890. Unless and until price establishes control above this zone, the upside is restricted. A successful breakthrough will pave way for a 5-10% price surge in sessions to come.

On the Downside price is once again testing the 22,800-22,550 support zone. This remains a very strong price support region, as it consists of a strong horizontal area followed by the EMA-200 at 22,550. If the price manages to breach this level, the decline is projected to extend towards 22,200 followed by 22,000-21,800 in the coming sessions.