4-Hour Analysis:
Big Picture: Although there was some minor profit-taking over the weekend, but bulls did not allow it to lead to any rounds of selling. They remained firm and are currently pushing the trend higher in an even stronger manner. After a few efforts, price has now gained acceptance above all-time high levels. Price could climb in the next hours, although some profit-taking is still encouraged.
On the Upside Bitcoin saw a significant momentum after achieving a foothold above the 69,200 barrier, which boosted the price to 70,250 and is currently pushing for the 72,000 mark. This is where some slight profit-taking is likely, but the prevailing move still has the momentum to go higher towards 73,180, followed by 74,650 and 75,500.
On the Downside a great deal of supports are constantly being set up at the lower levels. These supports are expected to step up and give solid protection against any rounds of selling, as long as exhaustion doesn’t occur. Price has reacted strongly to lower support levels. The initial round of support comes from the psychological level of 70,000, followed by the 69,890 level. Below this range, the next support level is the previous all-time high of 69,000. Over the next several hours, the EMA-32 and EMA-50 are expected to converge around these levels, increasing the supportive strength.
