4-Hour Analysis:
Big Picture: Bitcoin remains in a range-bound environment between 38,000 to 35,100 levels. Price is expected to move in both directions as long as this range remains. Furthermore, short-term deviations are still possible due to the presence of liquidity on both extremes. However, for bullish continuation, price must establish a stronghold above 38,000 in order to propel itself higher; on the other hand, for sellers to impose a deeper corrective round, price must break and hold below the range-support levels.
On the Upside price was once again constrained by resistance levels ranging from 37,400 to 37,600. Above this, another important barrier is between 37,950 to 38,000 levels. The powerful bullish advances have been halted twice at this zone. As a result, this region holds significant resistance and must be broken for the price to head higher into 38,800, followed by 39,250 levels.
On the Downside the support level of 37,200 has maintained quite well over the previous few hours. Furthermore, price attempted some significant selling through the intra-day session, but both times the lower support were able to withstand the pressure and were able to pull-price back higher. Lower supports are positioned between 36,750 to 36,500 levels and also hold the range mid-levels. Furthermore, as long as the mid-range is maintained, any additional decline will be limited.
