4-Hour Analysis:Big Picture: Over the weekend, Bitcoin remained range-bound, even though at very thin levels. Since the 21st of June, Bitcoin has been trapped inside a range, and after breaking out of the previous range, another range-bound scenario has formed. However, the current sideways movement will be crucial in the near term. Assuming price reclaims the prior range, a significant surge to the upside is certainly likely, initially hitting the range highs and possibly breaking even higher.
On the Upside the intra-day resistance level of 29,525 remains a solid barrier to the upside for the time being. Furthermore, price has various intra-day resistances ranging from 29,525 to 30,000. The 4-hourly EMA-200 is presently around 29,600, adding to the already established resistances. Getting over and establishing a foothold above the psychological level of 30,000, on the other hand, could result in a significant shift in condition for the bulls. Furthermore a Golden-Cross formation is underway on the 3-day time-frame.
On the Downside the support level of 29,125 stayed in place during the weekend, limiting any price actively lower. This level will remain the primary support level throughout the session. The next intra-day support levels below this are at 29,010 and 28,940. While key session supports remain at 28,850 to 28,650 levels, followed by 28,400 to 28,300 levels.
