4-Hour Analysis:
Big Picture: A strong bullish advance ended in disappointment as the bulls failed to break over the 24,890 barrier. Price has struggled to maintain its position between these levels of 24,300-24,890. Once again, a significant rejection was noticed, resulting in the closing of a Gravestone Doji daily candle. Such a candle at an important level raises signs of concern for the price. Going forward, price may remain volatile and inclined towards the re-test of lower supports, however strength above 24,890 can negate any signs of weakness.
On the Upside initial resistance is seen at 24,300 once more. The next layer of resistance is found at 24,555, followed by 24,890. These levels sparked intense intra-day profit taking, resulting in a total loss of daily gains. Bitcoin continues to face stiff resistance at these levels and must break through to continue its ascent. Acceptance over 24,890 is expected to push prices towards 25,250 initially, followed by 26,220 and possibly higher.
On the Downside the price is currently being supported by 23,950. For the past few hours no 4-hourly candle succeeded in closing below this level. This is a fine support level for the day, but if price breaks through it, Bitcoin would drop further towards 23,550 followed by 23,050, and perhaps towards 22,800.
