BTC – “Daily Closing above 24,890: Required”

4-Hour Analysis:

Big Picture: Price activity slows as the charts show indecision. Daily candle closings continue to indicate symptoms of weakening, but lower-time frames are now consolidating in a narrow range. The 24,300-24,890 zone has shown to be a critical region for the price, as it has held back the market’s potential breakthrough. Furthermore, the indicators are indicating a decline in momentum. However to negate such weaknesses Bitcoin needs daily closings above 24,890.

On the Upside from the 24,300 mark, Bitcoin is experiencing considerable resistance. Since yesterday, this level has been limiting the upside and no candle has been able to break through it. The next level of resistance is visible at 24,890. This is a major resistance level, and breaching it may potentially ignite a breakout that leads towards 25,410 initially, then 26,220, and potentially higher towards 27,500-28,500.

On the Downside the initial intraday support level of 23,950 has held quite nicely. The next intraday support zone is seen between 23,700 and 23,400. This level is critical because the price has a channelling support at this level; as long as Bitcoin can hold onto it, the risk of an aggressive sell-off is negated; nevertheless, breaking it exposes the price towards 22,800 and might perhaps extend it to 22,200.