4-Hour Analysis:
Big Picture: Bulls were once again capped by the short-term range high, which triggered another massive round of profit-taking, sending price back down. The range now exceeds nearly two weeks. The indecision has dried the volumes, indicating that active participation has been limited as a result of the current conditions. Once prices break out of this narrow consolidation area, price action and volume are likely to improve.
On the Upside the initial surge quickly faded when the price came into contact with the 27,415 resistance mark. It was stated previously that for Bitcoin to challenge higher levels, its strength and momentum must be maintained. The outlook remains similar for Bitcoin. To push into the 27,600 level, followed by the 27,950 to 28,300 levels, the price must break over 27,415 level.
On the Downside the intra-day support levels of EMA-50 and the trendline failed to solidify themselves into anything substantial, resulting in a fast sell-off when price failed to hold these levels. Furthermore, Bitcoin has returned to the lower support levels of 26,650 to 26,530. Holding this supporting range is essential for bulls, as a break below this support would signal the continuation of the downside, initially targeting recent lows between 25,800 to 25,500 levels.
