BTC – “Room for Further Upside”

4-Hour Analysis:

Big Picture: The trend has become uncertain once more, with Bitcoin caught between critical levels on both sides. Multiple rejections of 20,400 and consistent support from the previous All-Time High of 19,800. Going forward, a stronghold over 20,400 would continue the upside further, whilst a stronghold below 19,800 would put Bitcoin in danger and make it vulnerable towards further lows.

On the Upside price is struggling to clear off the 20,400 level. Bitcoin needs to gain momentum over this level will open the door for further upside towards 20,765, 21,200, and 21,750. Expect profit-taking at these levels, although price would need to hold above 21,750 to initiate the next phase of excitement. This would take prices towards 22,200, then 22,800, and eventually towards 23,450.

On the Downside support at 19,800 once again halts the intra-day sell-off and triggers another reversal back towards 20,400 levels. As long as this level holds, additional downside risk is confined; but, failure to maintain this level would exposes price towards 19,200, followed by 18,950, and could perhaps extend the drop into 18,200-18,000.