8-Hour Analysis:
Big Picture: Another session that doesn’t have much to offer. Price has been equally flat, with no obvious direction. Price has been struggling against the previous All-Time High level for about a month now, and no candle has been able to close above this level of 19,800 in the last two weeks. This indicates that sellers are doing a good job and that bulls are beginning to weaken.
On the Upside new resistances have arisen at the levels of 19,120-19,220, followed by the important resistance area of 19,550-19,800. Above these comes the 3-Day resistance level in the shape of falling channel resistance at 19,940. Furthermore, the 3-Day EMA-26, which is now at 20,490 is slightly above these levels. Bitcoin is extremely crowded in this region, putting bulls in a difficult situation. If the price breaks through these level, it will rise to 20,790, then 21,850.
On the Downside the 61.8% Fibonacci level support at 18,850 remains intact. At this precise level, there is channel-based support as well as Fibonacci-based support. As a result this price support is essential. These supports will also be tough to breach, but if they do, Bitcoin will be exposed back towards the 18,400-18,100 range.
