4-Hour Analysis:
Big Picture: Yesterday’s session saw some intra-day congestion around the psychological mark of 50,000, however the moment price was able to build some resilient strength above it, and it caused an immediate push into the higher levels. Bulls are currently retaining their force and could nevertheless advance higher towards the trendline resistances to achieve certain targets.
On the Upside Bitcoin broke through a number of resistances in the last session and appears to be heading for the 52,800 mark. This is where some partial profit-taking is still recommended and may be observed in general as well. Any bullish continuation over 52,800 would extend upward move towards 53,200, followed by the 53,490 mark, which also serves as trendline resistance. Meanwhile on strength profit-taking is recommended.
On the Downside recently recovered levels are being turned into support levels. Initial support for the session is emerging at 51,900, followed by 51,220. Below these supports, the next supporting range occurs between 50,250 to 49,850 levels. Meanwhile, this zone has a psychological level that may play an important part in the trend’s persistence. This range will soon get support from the dynamic EMAs of 32 and 50.
