3-Hour Analysis:
Big Picture: Another rejection off the channel resistance caused fresh intraday selling. Buyers were unable to display any signs of strength above the trendline, enabling sellers to seize the opportunity. The current price developments are leading to the formation of another converging triangle. Nonetheless, sellers will have the upper hand in the short run unless the price begins to gain acceptance above the 24,600 zone.
On the Upside the small intra-day barrier of 23,530 to 23,630 stays intact. However, the main resistance for the day is the trendline level, which is now around 23,920. This level was formerly an effective support but is now effectively working as a resistance. Buyers must break over this level in order to continue the upside to 23,950 and 24,200.
On the Downside the intra-day support levels have once again been violated. Price is now vulnerable to the intraday support level of 23,200, which is followed by the EMA-250 level, which is currently at 23,070. Furthermore, below these levels, the next support is at 22,800. Both the EMA-250 support level and the 22,800 level are important for the session. Bitcoin should retain these levels in order to avoid additional declines. As any pressure building below 22,800 would allow for 22,400 to 22,300 levels, followed by 21,550.
