8-Hour Analysis:
Big Picture: Price surged quickly into the weekly close and is now reverting to quick profit-taking. This has been the typical situation in recent weeks, with any gains on the upside rapidly met by profit-taking. The narrow range and rising channel trend are still relevant and being played. For the most part, price in this area remains sideways, followed by a sudden movement. To overturn this pressure Bitcoin still needs to climb over 19,800 to extend the upside towards higher levels.
On the Upside price is once again seeing resistance at the 19,550-19,800 level. For the past 32 trading sessions, no candle has been able to close above this level. This indicates that this level is still oversupplied and that buyers require further force to overcome it. Above this, however, is the 3-Day resistance level in the form of falling channel resistance at 19,915. Furthermore, the 3-Day EMA-26 is now at 20,425. In this zone, Bitcoin is incredibly crowded, placing bulls in a tight position. If the price breaks through these levels, it will climb to the next significant liquidity level of 20,790.
On the Downside the level of support stayed stable throughout the weekend. To protect against a sell-off, both Fibonacci-based levels and trendline supports were present. The Trendline supports are still important since they have been holding for a long time. If this trend continues, bulls will be favored in their pursuit of the upside. However, losing his would expose Bitcoin back to the 18,400-18,100 zone, with the possibility of further declines.
