8-Hour Analysis:
Big Picture: The prevailing price movement has improved slightly as Bitcoin gains ground. Overall, the range has narrowed in recent sessions as price trades between trendline-based supports and the prior All-Time High level. Price is expected to stay exceedingly choppy as long as this narrow range is in place. Strength over 19,800, on the other hand, would be a welcoming sign for the bulls as long as they can establish a stronghold above that level. Unless that happens quick scalps are recommended.
On the Upside currently, the price is testing the 19,550-19,800 zone. Buyers have had some success by penetrating further into this level, but a clean break of this level will shift the balance even more in favour of bulls. Acceptance over this level will open the 20,200 range, followed by the 20,550-20,790 range. At this level, intraday profit-taking is likely.
On the Downside the Fibonacci-based support levels held well and resulted in a good rebound. These levels are still seen as early support levels by price. The session’s first support remains around 19,075 followed by 18,850. Both are active supports of the session. However, the next support zone is still evident beneath them, at 18,400-18,100.
