4-Hour Analysis:
Big Picture: The price and volatility indicator Bollinger Bands has been extremely constrained. On a higher time scale, Bitcoin is forming a Golden-Cross pattern. The current developments indicate that the range is about to widen, implying a trending move for the pair in the next days. Furthermore, the bulls are still under pressure since they already lost critical psychological support. A sustainable strength above this level could attract the bulls’ interest.
On the Upside Price is currently breaking over the initial resistance level of 29.125 and is aiming for the intra-day resistance levels of 29,300 and 29,525 next. Because of the lack of momentum, these levels are likely to operate as powerful barriers. If the price begins to gain acceptance above these levels, it may produce some positive momentum that will carry it to the following levels of 29,800 to 30,000.
On the Downside the major support levels of 28,850 to 28,650 have once again performed well. Price has reacted strongly to these levels and is presently under short-covering pressure. Furthermore, the EMA-50 level will serve as the session’s principal support level. The EMA is present at level 29,185. Below this level, there are once again supports at 29,010 to 28,940 levels, followed by 28,850 to 28,650.
