8-Hour Analysis:
Big Picture: Price was unable to capitalize on the CPI news to secure any breakthroughs. It is still indecisive, with highly choppy price activity. Both participants are looking for favorable conditions on the sidelines. This could still keep the price within the range. Acceptance over the 2018 All-Time High, on the other hand, has the ability to improve the current price movement.
On the Upside currently, the price is trading below the critical resistance levels of 19,550-19,800. Bitcoin has been respecting these levels as significant S/R levels for the previous few months. Acceptance over this level will be necessary once more to push prices higher. The next in line resistances stay solid at 20,200, followed by the range levels of 20,550-20,790. On the Downside the price has retraced 50% of the CPI surge. The Fibonacci 50% has given reasonable initial support at 19,065. Holding this level firmer may result in a sharper squeeze to the upward. However, failure to hold this support may expose the price to 18,850, where a 61.8% Fibonacci retracement is seen. Both are strong support for the session. However, the next support zone is still observed below them at 18,400-18,100.
