4-Hour Analysis:
Big Picture: After being challenged, the trendline supports within the range levels were able to launch an effective rebound, bringing price back towards the range-mid levels. However, having a short consolidation below the mid-range, the price was able to retake the mid-levels, triggering another powerful push upward almost returning to the range highs. The volatility within the band is expected to persist, but if bulls want another continuation upward, a foothold above the range highs is required.
On the Upside Bitcoin was able to overcome all minor intra-day obstacles in the previous session. However, price was once again constrained by the significant intraday resistance and range highs. The intra-day obstacles remain effective between 37,560 to 37,770. Above this price, the major resistance comes from the 38,000 level. Any display of strength above this level will push the price higher towards 38,800, then 39,250.
On the Downside initial intra-day support has been identified at 37,250. Maintaining this level would help price in its potential upward advance. Meanwhile, there is small support from the level of 36,960, but key supports remain at the mid-range level of 36,545 and the trendline supports between 36,080 and 35,950, which are also protected by the 4-Hourly EMA-100.
