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

4-Hour Analysis:

Big Picture: Price challenged the support levels and reacted strongly. This demonstrates the bulls’ continued positive intent and their unwillingness to abandon the short-term trend. This intention, however, requires additional confirmation by regaining intraday resistance levels and challenging the recent highs, followed by a break-through. Any rejections of the higher levels might result in another slowdown and open support re-tests.

On the Upside the first level of resistance is located at 23,480, followed by 23,620. Bitcoin must break through these levels in order to test the congestion zone at 24,300-24,890 once more. This position has been a critical resistance level for some time now, limiting the advance. Breaking past the congestion will initiate another bullish phase. This will almost certainly pave the way for upside targets of 25,300, then 26,300, and eventually towards 27,500-28,200.

On the Downside supports at 22,800-22,550 level have once again stepped up. These levels continue to provide great support, and to preserve these levels, the price must remain above 24,850. Any rejection of the highs this time could weaken this support level and continue the decline into lower levels, first to 22,220, then towards 22,000-21,800 as next supports.