4-Hour Analysis:
Big Picture: As buyers fail to restore any strength, the price continues to be under selling pressure. The intraday supports have been shielding the price from additional selling, but frequent tests will weaken them and expose the price downwards. As long as price trades below the mid-point level, the bias will continue to remain towards the downside. For the session, dip buyers should exercise caution.
On the Upside yesterday’s test, which was close to 16,800, was immediately rejected. Bitcoin is currently having difficulty in attracting bids. Buyers must either need lower liquidity or get over 16,920 to generate interest. Initial resistance continues at 16,800, with major intra-day resistance around 16,920. While strength above 16,920 would be a good sign at-least for the short-term.
On the Downside prices have been held steady at 16,550-16,520 over the previous few hours. The intraday support level has remained solid, and holding it further would relieve pressure and allow the price to rebound. However, if 15,520 level supports are breached, then another wave on the downside towards 16,250-16,180 becomes quite likely.
