4-Hour Analysis:
Big Picture: Price is gaining ground as Bitcoin maintains its lower support levels. However, the price movement continues to exhibit signals of overwhelming pressure as the price grinds slowly. A bear flag is now developing, and in order to counteract this perspective, the price must rise over 23,650; otherwise, the risk towards further downside remains on cards.
On the Upside 21,750 is a critical milestone to break through in order to accelerate the recovery. Bitcoin is approaching this threshold, but has not yet succeeded in exceeding it. Breaking through this obstacle will price towards 22,200, then 22,450. This still remains to be a significant price barrier. If this level is successfully recaptured, it will almost probably spark aggressive short-covering, pushing the price even higher towards the 22,800-23,000 range.
On the Downside fresh support at 21,550 is anticipated to serve as intraday support. Following that, the next wave of support continues around levels of 20,750-20,400. This level has recently showed good demand during testing. As a result, this level is still likely to provide excellent assistance. Any remaining selling pressure at this level will be absorbed and expended, perhaps leading to an intraday turnaround. If these supports fail, the next ones in line will be 20,000 and 19,800.
