4-Hour Analysis:
Big Picture: Bitcoin’s gradual upward trend has continued. It has almost exhausted lower time-frame indicators and is in desperate need of a consolidation or a good intra-day correction. Re-tests and pullbacks are necessary for the trend to be healthy and sustainable. However, Bitcoin has had a fairly quick run to the upside this time, leaving behind multiple re-tests. Furthermore, with a significant macroeconomic announcement due today, prices could remain very volatile for the majority of the session.
On the Upside 22,550-22,800 is presently causing challenges. Above this, the EMA-100 daily at 23,700 serves as the next level of resistance. This is still a significant obstacle to overcome. This EMA has not been retrieved since April 2022. Acceptance over this level will be a significant milestone, with prices aiming for 24,250-25,400 as next upside target.
The Downside remains the same with baseline supports at 21,700-21,500. The next level of support is indicated at 21,100. However, beneath these levels are the major sets of supports ranging from 20,550 to 19,800. These are also price re-test zones. If Bitcoin is to build on a smooth and sustainable upward surge, these supports must hold firm.
