8-Hour Analysis:
Big Picture: Nothing much changed throughout the session, as the choppy conditions persisted. Price has been completely balanced between both the upside and downside levels. Currently, supply and demand on both major levels are preventing prices from breaking out of this limited range. The longer price is caught in this range, the more difficult it will be to trade. Traders should ideally wait for favorable conditions to emerge.
On the Upside another session hindered by the 19,550-19,800 level. These levels continues to have an excess of supply, leaving price under difficult situation. To offset this pressure and continue going forward, Bitcoin will need to break through this level. The next resistance level is at 20,200, followed by 20,550-20,790.
On the Downside both Fibonacci-based support levels are still in place as initial supports at 19,075 and 18,850. In addition to the Fibonacci-based support, there is channel-based support. As a result, these supports are critical for the price. These supports will also be tough for sellers to breach, but if they do, Bitcoin will be exposed back towards 18,400-18,100.
