4-Hour Analysis:
Big Picture: Bitcoin was re-testing lower support levels and is again challenging a critical support level between 21,000 and 20,750. The initial test produced a favorable reaction, but bulls must do much more before this corrective phase can re-enter a short-term bullish phase. Furthermore, holding this level is essential since a breach of 20,750 could threaten the recovery path, exposing Bitcoin towards the 2018 All-Time-High and further towards recent lows.
On the Upside the first intraday resistance level has been lowered to 21,350, followed by 21,850. The next resistance level is noted at 22,220. Breaking these levels again opens the door to the 22,650-22,850 levels, which remain a crucial pivot point. Price attempted to break through above this, but failed and has reverted back to the range. Unless Bitcoin reclaims and establishes strength above 22,850, the upside is restricted. However, a successful break above this opens the door to 23,420, followed by recent highs of 24,300.
On the Downside price is presently challenging crucial support levels between 21,000 and 20,750. Bulls must maintain current levels if the recovery is to continue. Furthermore, in order to form another higher low formation on daily, price must hold these supports and initiate a substantial recovery from this level, since failure to do so would expose price to 19,798 initially losing which opens the door back to 18,588 followed by 18,050-17,880.
