4-Hour Analysis:Big Picture: Bulls re-tested the intra-day resistance level after gaining some strength. Price rejected the level once more, resulting in greater impulses of profit-taking as indicated earlier if a failure was to be witnessed. Another short-term range is in effect between 29,800 and 28,880 levels. If bulls are to recover acceptability inside the previous range, the current decline is likely to shape up as a possible deviation which could cause an improved upside trend.
On the Upside the initial resistance level of 29,525 remains effective. This level has once again put a stop to yesterday’s prospective upward movement. If price breaks over this line of resistance, it will be able to retest the major resistance levels of 29,800 to 30,000. A breakthrough above 30,000 is still required for the upswing to expand back towards the range highs and possibly back into the weekly resistances.
On the Downside the first support level of 29,200 was not maintained. However, the price has formed a new support level around 29,125. Below this level of support, the next intra-day supporting levels are 29,010 and 28,940. These levels can withstand slight profit-taking but are not sturdy enough to withstand stronger rounds of selling. Bitcoin’s current major support levels are 28,850 to 28,650, followed by 28,400 to 28,300.
