4-Hour Analysis:
Big Picture: Price fails to break through the mid-range for yet another session. This resistance level remains solid and is preventing the price from breaking through. However, for buyers, it remains an important level to break and more importantly as quickly as possible to avoid any weakness in momentum. Multiple failed attempts in this region would most certainly lead to exhaustion, leading to a strong round of profit-taking.
On the Upside the price has been restricted once again at the 16,850 to 16,920 range. Buyers are finding it tough to break through this level due to the combination of horizontal and dynamic resistances. However, if the price can successfully retrieve this level then it is expected to reach the 17,180 level and move possibly higher into the 17,520 level.
On the Downside the short-term supports are doing a fine job in protecting the price. These supports, however, will remain fragile if Bitcoin fails to break above the mid-range levels. However, as long as these supports stay in place, the upside potential remains quite high. Initial support is still seen in the 16,740 to 16,640 range. Loss of these supports can expose Bitcoin towards lower levels around 16,520, and could possible expose 16,250 to 16,180 this time.
