4-Hour Analysis:
Big Picture: Price consolidating above the re-test level and just below the key resistance area. The breakout still remains valid as momentum holds the price close to the high. Going forward a re-test of the breakout would be a welcoming sign and would offer a better confirmation for continuation of the trend. However display of strength above 31,850 would trigger another breakout towards higher levels.
On the Upside 31,850 level capped the price surge. This level is now a key resistance area for price to surpass. It is resisted by strong supply in this region followed by presence of EMA-200 at 32,280. BTC needs to show stronghold above this level to trigger another round of excitement towards 32,850 followed by 33,700 and eventually into the 35,000.
On the Downside the first level of support is observed around 31,405 followed by breakout-based levels at 30,850-30,600. However, it is an untested support at the moment, but there is a significant chance that this level will operate as a firm support upon test. Following that, price is projected to remain positive in the short term as long as this level holds; however, failure to hold this level may endanger momentum and result in a fakeout. Below 30,600, the next level of support is 29,900, followed by 29,000, and ultimately range lows.
