4-Hour Analysis:
Big Picture: Bitcoin broke the channel support and was later rejected at intraday levels, triggering a sell-off that turned into panic selling when the EMA-200 was lost. The panic selling caused significant intra-day price damage, culminating in a roughly 8% drop. The weakness generated by unsuccessful breakout efforts has been the primary reason of this collapse. Bulls, on the other hand, will soon need to jump back in and absorb any more selling pressure, as well as defend against any break of the Previous All Time High level.
On the Upside massive resistance is expected to emerge from 22,200, followed by 22,450. This will be a significant barrier for the price in regaining any control. Successfully regaining this level can put a halt to the selling and prompt some short-covering. However, any further increase is currently viewed as a selling opportunity. To counteract such a situation, a stronghold exceeding 23,650 is necessary. Furthermore, unless a move above 24,300-24,890 occurs, the upside will stay limited.
On the Downside it was mentioned that losing the EMA-200 would cause an aggressive sell-off, exposing the price around 21,800. Currently, this region between 21,850 and 21,650 is offering assistance. This is a significant degree of assistance that has shown to be quite effective in the past. Bulls must defend this level to avoid more selling, as breaking it exposes prices to 20,750-20,400 as next supports, followed by the key 19800 level once again.
