8-Hour Analysis:
Big Picture: The previous week began very well, but ended in again another letdown as Bitcoin almost erased up all weekly gains. This has been the case for the previous few weeks, as bulls have been unable to hold onto their gains at key levels. Furthermore, with the global trend favoring selling, if bulls fail to capitalize on this opportunity to initiate a short to medium term corrective phase, the sellers are likely to seize the lead and call for another significant fall. Expect big movement in the following week.
On the Upside initial resistance has established at 19,550-19,800 levels once more. However, the session’s major resistance remains at 20,550-20,790 levels. For the previous 30 trading sessions, this exact zone has restrained the upside. The corrective phase will be confined to this region unless a stronghold above this is established.
On the Downside the previous all-time high level failed to provide support and was breached once more. However, the price is currently nearing the 19,250-18,900 range once more. This level can provide intra-day support but is unlikely to become a significant support level. The major support for the week remains at 18,400-18,100, followed by the June low at 17,620.
