12-Hour Analysis:
Big Picture: The loss of the EMA-200 support level was a significant blow for the bulls. Price continues to fall as aggressive sellers maintain control of the trend. Looking forward, the selling pressure remains extremely active and could inflict additional damage; however, a few key levels are now coming into play, which could partially slow or halt the existing pressure. Short sellers should take advantage of the weakness and look to book profit even if partial.
On the Upside several lost intra-day levels are about to become intra-day resistances. First resistance is expected at 20,100, followed by levels ranging from 20,550 to 20,790. If short-coverings are to be observed, these levels could be tested. Any prolonged squeeze on the upside, on the other hand, will open the door for fresh selling. Before attempting any substantial reversal, buyers must establish a consolidation range and absorb the current selling pressure.
On the Downside price has returned to the 2018 All-Time High level. This level has historically been highly important for the price. At this level, Bitcoin could witness some emergence of demand or a partial profit-taking event. If this level is also breached, the price is projected to fall even further and test the supports between 19,200 and 18,880.
