4-Hour Analysis:
Big Picture: The range play between 20,400 and 19,800 continues as another session is held inside these limits. Overall, the trend will remain uncertain and range-bound as long as current ranges prevail. However, because the price is now trading below the EMAs, the bears have the upper hand. As a result, in order to neutralize any signs of pressure, price must rise and persist above 20,400 in order to broaden the range on the upside.
Upside the same as before, with heavy resistance near the 20,400 mark. Price has twice failed to break through this barrier. Furthermore, the 4-hourly EMA-50 will shortly approach this level, adding to the already strong resistance. However, Bitcoin must overcome these obstacles in order to continue its gains to 20,765, 21,200, and 21,750. At current levels, expect profit-taking, though the price would need to remain above 21,750 to initiate the next round of excitement. This would push prices up to 22,200, then 22,800, and eventually 23,450.
On the Downside 19,800 has been absorbing the selling pressures and is still holding firm. To retain this level valid, the price must begin to gather momentum again towards the upside, as several attempts would weaken the support and expose Bitcoin to 19,250-19,050 next, with additional downside possibility.
