BTC-“Mid-Level Remains Key”

4-Hour Analysis:

Big Picture: Bitcoin has retraced back to the mid-range level after holding lower support levels. A crucial retest is currently underway, and if price can get acceptance above this area, Bitcoin will see another wave of upside. This range has not been broken in over 15 trading sessions and will need significant commitment from buyers to overcome it.                          

On the Upside price has returned to the mid-range resistance level of 16,920. This level must be broken in order for Bitcoin to continue its upward trend. Furthermore, a stronghold above this level will serve as confirmation of the level’s acceptance. Any swing failures will eventually result in a very adverse price reaction. However, if the price breaks over 16,920, the next level of resistance is at 17,180 breaking which will lead next towards 17,520 level.

On the Downside 16,850 to reclaim its position as a support level. Holding this will be extremely favorable for an upward price breakthrough. However, if the price goes below this level, it is expected to drop back towards 16,740, followed by 16,640 level. Expect these supports to at least partially contain the downside, although the next support level is seen at 16,520, followed by 16,250-16,180.