4-Hour Analysis:
Big Picture: Bitcoin is currently re-testing the previous range high and finding solid support. This is a good sign for the bulls who are aiming higher. Going forward, if price can continue to stabilize in this zone, then the next phase higher remains certain. However, consolidation will take time and could be rough.
On the Upside the daily EMA-50 at 23,390 is a strong resistance level. For the last three trading sessions, this level has been resisting the move upward. As a result, recovering this level will be a significant milestone for the bulls. The next evident level of resistance is around 24,300, followed by 25,000 level breaching which opens the upside towards 26,250 as the next upside objective.
On the Downside 22,850-22,650 stood as a firm support level and negated any further slippage. This level is certainly becoming a significant support level. Following that, the next two supports are at 21,950 and 21,350. Bitcoin, on the other hand, has strong supports ranging from 21,000 to 20,750. These levels must be maintained by bulls in order for the recovery to continue. Furthermore, in order to establish another higher low, price must hold these supports and initiate a major rebound from the noted support levels.
