4-Hour Analysis:
Big Picture: Price continues to fluctuate while progressively rising. Bulls were able to close the day’s trading session above the EMA-12 yesterday. For the bulls, this is another encouraging development. With bullish short-term technical conditions continuing, an upward surge is still conceivable. However, this shift must be seen within the following few hours or sessions; else, there also remains risk of losing the momentum.
On the Upside Price is still confronting a significant intra-day barrier between levels 20,350 and 20,685. At this level, the EMA-100 and horizontal resistances are both quite prominent. Acceptance over this area is likely to push prices higher, initially towards 21,350 followed by 21,750, breaking which leads to the untested resistance at 22,600-22,840.
On the Downside 20,050 is the first level of support, followed by 19,800. Holding this level is crucial. The next level of supports are at 19,050 and 18,590 below that. Both of these supports kept the price in place and caused the reversal. Consequently, this level is also of extreme significance. However, any consecutive hourly closings below 18,590 will put Bitcoin at risk of falling towards 17,300 initially, and possibly as low as 15,850.
