2-Hour Analysis:
Big Picture: Bitcoin is surging ahead of the monthly close. However, the monthly candle is closing on the weakness, and the price is starting to break through the 2018 All-Time High level after 5 months. Having said that, whereas seasonality favors a bullish outlook in December, worrying data suggests that it nearly always follows the previous monthly candle. Besides that, a decent intra-day level has been exceeded in the short term, and current momentum must hold for price to re-test higher levels.
On the Upside price is attempting to break through the 16,800 to 17,100 range. A good effort is currently being made; however, momentum must last longer in order to overwhelm any remaining supply in this region. Passing through this region will allow for a move into 17,500, followed by 17,950. Furthermore, a back-to-back closing above 17,620 is required to turn things around on a daily time-frame.
On the Downside this region is protected by both horizontal and dynamic support. Maintaining these supports will help the short-term bullish momentum. However, the next level of support is seen at 16,550, followed by 16,395 and 16,230. All of these are intra-day supports that are likely to prompt positive responses.
