8-Hour Analysis:
Big Picture: Despite International Markets gaining momentum, Bitcoin has remained weak. Bitcoin’s order books remain weak, and a breakthrough is required to revive interest. Currently clinging to trendline-based support. Price movements on the upside continue to favor bears, as any price surge is met with quick profit-taking. Price must hang onto its gains in order to establish momentum.
On the Upside another session sees a price limit at 19,550-19,800. This is the 2018 All-Time High level and a critical S/R level. Strength above this puts buyers in a good position, while weakness below it retains selling in a prime spot. To regain this level, price should preferably close two daily sessions above it. This would then take Bitcoin towards the 20,420 level, where the 3-Day EMA-26 is visible. Strength above these levels will pave the door for 20,790, then 21,850.
On the Downside the trendlines continue to provide important support. Bitcoin has been trading in this ascending channel for almost 35 trading sessions, demonstrating its significance. To remain open for higher levels, price must keep this channel active. A breach of this may immediately expose Bitcoin back to levels of 18,400-18,100, with a higher risk of returning to June’s lows.
