8-Hour Analysis:
Big Picture: The consolidative situation persisted as Bitcoin traded sideways for the most of the session. Furthermore, this consolidation is now forming a bull fag pattern on a higher time period. This indicates that if Bitcoin can maintain the key support levels, another upward push is still possible. As a result, buyers must keep the 19,800-19,550 level firm in order to maintain the pattern. Pressure buildup below 19,550, on the other hand, could endanger this recovery and keep the overall trend choppy.
On the Upside the initial intra-day resistance will be encountered between 20,220 and 20,350. However, the session’s major resistance remains at 20,550-20,790. This is a significant resistance zone that Bitcoin must break through in order to continue the upside towards 21,200, followed by 21,880.
On the Downside The 8-Hourly MA-100 has been providing extremely strong price support. In recent times, this Moving Average has been extremely responsive. It has provided clean S/R levels. The bulls will benefit greatly from maintaining this support level. Below this level, another strong support zone exists between 19,800 and 19,550. Furthermore, these levels correspond to the 50-61.8% retracement levels. Both of these support areas are strong and are now maintaining the trend steady. As long as the price maintains above these supports, the short-term trend will favor bulls, however a break below these supports would expose Bitcoin to the 19,250-18,900 zone, making the overall trend choppy once more.
