8-Hour Analysis:
Big Picture: The previous week was extremely volatile due to a number of economic events. Bitcoin is still trading well within the ascending channel and has been doing so for the last few months. Price can expect increased profit-taking pressure in the coming hours, but as long as the daily close remains above 19,580, the short-term trend will continue to favor bulls.
On the Upside bulls managed to break through the 20,790 level and target the top of the ascending channel over the weekend. Before the re-emergence of profit-taking, a few upside targets were met. Going forward, the initial resistance is again at 20,790, followed by 21,420-21,580 at the channels. Above that, at 21,850, is the daily resistance level.
On the Downside minor intraday support is expected from the level of 20,550. Below that is the trailing EMA-50, which is at 20,425. Holding both of these supports will be essential in preventing an aggressive intraday sell-off. Breakdown of these supports opens the way for the downside to return towards the 20,280-20,020 levels, with a high probability of also targeting the 19,800-19,550 levels.
