4-Hour Analysis:Big Picture: Despite improved volatility in recent sessions, no substantial direction has been chosen. Neither of the participants is attempting to enter a trending move. This structure has kept Bitcoin in an equilibrium state, resulting in dropped overall price activity. The current conditions are not fully favourable for either side, but if bulls continue to sit on the sidelines, sellers will likely push their way in and pull price lower to re-test the lower supports.
On the Upside Bulls have been unable to break beyond the initial resistance level of 29,525. This is the minimal level that bulls must break through in order to increase their presence and gain momentum. Although above 29,525 there are still multiple resistances, initially in the form of the EMA-200 and horizontal resistance from 29,800 to 30,000.
On the Downside the level at 29,125 is once again offering support. This support level, however still remains weak and is vulnerable as buyers have been failing in generating any strength above. Breach of this supports drags price back lower towards the other minor intra-day supports of 29,010 and 28,940 levels. However for the session the major support remains intact at 28,850 to 28,650 levels. The downside remains limited as long as this supportive zone holds.
