3-Hour Analysis:
Big Picture: The battle between the two participants remains visible. Buyers successfully defended the EMA-250 support level and launched a powerful push back, breaching the first barrier. Price is currently re-testing the trendline resistance, and is facing selling pressure from sellers defending their key level. Buyers must restore approval above the channel resistance to reclaim control of the short-term trend. While to get bullish once again and have a smoother trend price needs to get back above 24,600 region.
On the Upside Bulls have broken above the initial intraday barrier of 23,530 to 23,630. But, they are still failing to break beyond the trendline level of 23,890. This is another significant resistance level that must be surpassed for the price to continue its intraday ascend. If the price breaks above the trendline, the pullback could extend towards 23,950, 24,200, and 24,400. Profit-taking on strength is recommended unless price breaks and displays aggression beyond 24,600 levels.
On the Downside the price is expected to retest the 23,630 to 23,530 level once more. If Bitcoin can successfully re-test these levels and revert them into support, the upside potential could rise. Nevertheless, failure to convert these levels back into support would expose price to the EMA-250 level, which is now around 23,050. This level has caused strong intra-day reversals in the last few sessions and is anticipated to continue to provide strong support. Losing this EMA support would be an intra-day setback for bulls.
