4-Hour Analysis:
Big Picture: Bitcoin’s lower support’s reaction at the trendline was strong enough to drag the price to the highs and push for new 52-week high. Despite another high, the momentum remained unsustainable, creating a probable deviation above. Price is currently back within the consolidation range yet again. Bullish momentum is expected to increase above the range-highs, while price below it is likely to remain within the ranged-bound channel.
On the Upside the intraday resistances of 37,560 to 37,770 remain valid for the session once again. The range high level at 38,000 is the next resistance level above this. Other than a single outlier, price has tried to display strength in this zone, but all attempts have failed until now. The upside is only likely to continue if a foothold over 38,000 is established. Above 38,000, strength opens the way for 38,800, followed by 39,250.
On the Downside price is currently testing the 36,960 level and is showing signs of support. This level has previously been identified as a minor support. However, the next level of support below this level is around 36,800 from the 4-hourly EMA-100. Over the previous two weeks, this dynamic support has resulted in a reasonable responses upon getting tested. Meanwhile, Bitcoin has mid-point and trendline supports that practically coincide between 36,545 to 36,320 levels. This is an important supporting region to hold.
