4-Hour Analysis:
Big Picture: The ranged-bound circumstances persist for another session, whereas this consolidation is now forming a converging triangle. Overall, the range is narrowing as the hours pass, indicating that a breakthrough is approaching. A bullish breakout will lead Bitcoin towards 21,200, while a bearish breakdown would expose prices around 19,050, followed by 18,550.
On the Upside initial resistance has been spread across 20,300-20,400 levels. This level now has multiple confluences of resistance making it a major level to surpass. Stronghold above this would be massive achievement for the bulls who are then likely to look towards 20,765 next followed by 21,200, and 21,750. At these levels, expect partial profit-taking, though the price would need to remain above 21,750 to initiate the next round of upside. This would push prices up towards 22,200 following 22,800 and towards eventually 23,450.
On the Downside 19,800 continue to act as a strong wall of support. No candle on 4-hourly has been able to close below this level for the last few days. Furthermore another support is starting to develop below this level in form of trendline support at 19,580. Bitcoin needs to hold both these levels to keep bulls out of danger as losing these supports would expose further downside towards 19,250-19,050 initially followed by potential for further downside.
