8-Hour Analysis:
Big Picture: The pressure had been intense in prior sessions and continues to be so. Price is now trading in a no-land man’s with no clear direction. The ideal situation in this circumstance would be to trade with patience and position on key levels, or to look for quick scalping opportunities. Furthermore, fresh CPI figures will be released this week, which may have an impact on Bitcoin’s price movement.
On the Upside recently, a few additional resistances have emerged. Bitcoin could hit an intraday resistance mark at 19,250. The next resistance level is active at 19,550-19,800 levels. This level is still historically significant for Bitcoin. Establishing a stronghold above 19,800 would trigger a move back towards 20,200, followed by levels of 20,550-20,790. These are significant resistances that must be cleared for the uptrend to continue.
On the Downside the trendline support has been breached. However, no substantial response was noticed. Price is presently testing the 18,900 level for support. This level can continue to give decent intraday support, however the session’s major support is currently at 18,400-18,100 levels. These supports must be held or Bitcoin will continue to decline downward towards June’s lows and could potentially even break it.
