BTC – “Inside a Descending Channel”

4-Hour Analysis:

Big Picture: Buyers stepped in close to the lows once more, defending the price against further declines. However, further bullish force is necessary to break this pressure as Bitcoin trades within an aggressive descending channel. Furthermore, the 4-hour time-frame has established a complex bullish divergence; nevertheless, for this divergence to be validated, the previous All-Time High must be reclaimed.

On the Upside Massive resistance can be seen between 19,600 to 19,800. This level is critical for the price. As regaining this level followed by a stronghold would trigger an aggressive wave of short-coverings, which is likely to take price towards 20,400 followed by 21,600 levels.

On the Downside the range of 18,910-18,750 is proving to be a good intraday support level. This level is likely to continue providing support upon further tests. Breaking through this level would lead Bitcoin to 18,350-18,050, with room for more decline.