4-Hour Analysis:
Big Picture: After a few difficult sessions, selling prevailed and brought Bitcoin into the liquidity zone. The area remained untapped for a long time, making it appealing to sellers. Some intraday short-coverings are expected to be noticed at these levels. Furthermore, late sellers should exercise caution since oscillating indicators are presently in an extremely oversold region and are establishing bullish divergence.
On the Upside the recently lost levels of support are projected to serve as major resistances for the session. The session’s initial resistance levels are 26,530 and 26,650, followed by 26,950. These levels will be crucial for the session, since regaining them and establishing a stronghold above them would confirm a price deviation. This might ignite aggressive upside once more, leading to panic short-coverings with targets of 27,415 and 28,300.
On the Downside Sellers are still active and have a tight grip on the trend for the time being. The price is currently seeking intraday support at the 26,050 level. However, if Bitcoin fails to retake control above the 26,650 level, further fall is possible. Below this intra-day support the next supports are the weekly breakout based supports in the region of 25,500 and 25,100 are followed by 24,300.
