4-Hour Analysis:
Big Picture: Several efforts at a breakthrough have failed, as price has yet to break above the resistance levels. Similarly, EMA-200 has been acting as a critical support level in prior sessions. The overall conditions are currently causing volatility as the market struggles to establish a sustainable path. Price must get acceptance over 24,890 in order to continue higher, while bears must create pressure below 19,800 in order to break down. Till then it’s an open contest for the price.
On the Upside the initial resistance level of 23,480 has been established once again. This is a powerful intra-day level for the bulls to break, but breaking it leads back to the upper band of resistance at 24,300, followed by 24,890. Bitcoin requires back-to-back strong closings over 24,890 to push itself higher towards 25,300, followed by 26,800.
On the Downside supports at 22,800 and 22,550 have consistently held-well. This level is also strongly guarded by 4-hourly EMA-200. Bulls have the upper hand in the short term as long as price retains these levels. However, failure to hold this critical support level would tilt the balance in favor of bears, who will likely target 22,200 as the next objective, followed by 21,800.
