8-Hour Analysis:
Big Picture: Because the bulls did not launch a push over the 2018 All-Time High, the consolidative atmosphere prevailed. For several weeks, Bitcoin has been trading sideways, with extremely volatile price activity. Such price movements are usual before a major breakthroughs. The primary reason for such choppy price movements is to prevent any position buildings and to seize all available liquidities. As long as this choppiness persists, intraday traders should look for quick scalps.
On the Upside the resistance levels of 19,550 to 19,800 stays operational. Any indicators of strength are still being absorbed by this region. Bulls have been strongly countered at this level of resistance. Unless they get acceptability above this level, their potential will be limited. If they are successful in getting through this barrier, then price will advance towards 20,200, followed by 20,550-20,790. Further momentum buildup above 20,800 will open the way for 21,200, followed by 21,880.
On the Downside intra-day supports between 18,900 and 18,750 have been effective. As long as Bitcoin maintains above the 18,600 mark, the downside risk is minimal; but, if pressure builds up below this level, a fall towards 18,250-17,950 is likely, with a further seek for liquidity below June’s low.
