BTC-“Daily Closing above 24,890: Positive”

4-Hour Analysis:

Big Picture: Supports held the trend and triggered a significant price spike once more. Bitcoin is once again near major resistance levels and has to breakthrough and hold above 24,890 in order to spark an even stronger rise. Price has made several attempts to break through, but faced rejections. Furthermore, the relative strength indicator has been unable to maintain above the 70 level, indicating that bulls continue to lack breakout-based aggression. Maintaining above 24,890, though, could convert this outlook from bullish to extremely bullish.

On the Upside the first point of resistance is noted at 24,555, followed by 24,890. These are really strong resistance levels that have been restraining Bitcoin’s ascent. Acceptance over this level is required to enable additional gains, first towards 25,250, then 26,220, and eventually towards the Supply level.

On the Downside the first wave of support will come from 24,300 level. As long as this level holds, intraday strength will persist; however, a break below this level will lead back to 23,950. Both of these levels are very important for the day, and maintaining them favors the aggressive bulls; however, if they are violated, price is expected to drop further towards 23,550 and could potentially return towards 22,800-22,550.