8-Hour Analysis:
Big Picture: The Bulls have enjoyed another good run. Furthermore, the 2018 level has been regained. This is a great development, and the price must now remain above the 2018 All-Time High level to keep strength intact. As long as Bitcoin remains within this macro consolidation box, the upside will be considered a range play. Furthermore, given the present market conditions, aggressive profit-taking is encouraged along the way.
On the Upside Bitcoin effectively broke through a couple key resistances, resulting in a surge higher. It has now climbed to the 20,200 level and encountered early opposition. With the present strength demonstrated by buyers, this level may be surpassed, and the price will then target the 20,550-20,750 zone. Expect intra-day profit-taking at these levels, but if momentum continues, price could advance higher to reach 21,200, followed by 21,880.
On the Downside Support levels of 19,800-19,550 have reappeared. This time around, the MA-100 is also protecting this area. Fresh entrants might be observed if there is a pullback into this region. This is a decent support for the session. Although it is unlikely, if rejection occurs and profit-taking turns into panic selling, Bitcoin could return to the 19,250-18,900 region. Furthermore, the downside risk is reduced as long as Bitcoin trades above the 18,600 mark.
