4-Hour Analysis:
Big Picture: The range still remains valid. Bitcoin is surging higher after getting support from support levels below. Bulls are eyeing a retest of the 27,415 mark, while strength over this level could strengthen the short-term corrective outlook. However, unless and until a breakthrough is achieved, the range of 27,415 to 26,530 levels will stay valid. Furthermore, the presence of liquidities at the extremes of both ranges remains, which could potentially keep price action volatile and manipulative in nature.
On the Upside Bitcoin is back targeting the 27,415 level following an impressive intraday performance. However, as usual, this level has prevented the price from rising further. If buyers can keep this momentum going and push the price above this resistance level, a rapid advance into 27,600, followed by 27,950 to 28,300, remains highly probable.
On the Downside the support levels once again supported price effectively and prevented it from falling any further. Furthermore, the moment the price rebounded and broke above the EMA-50 level and the falling channel resistance, demand surged aggressively. Bitcoin will receive early support from both of these levels, which are located between 27,160 and 27,140. This area is expected to provide sufficient support for the session. However, if price fails to establish this level as a support, it is projected to fall back into the 26,650 to 26,530 range.
