4-Hour Analysis:
Big Picture: Bitcoin had a significant reaction to the range lows, triggering an upside move once more. This demonstrates that the range low supports are still quite strong, but pricing is now experiencing difficulties with the range high resistance. The range still remains valid as no breach has been made and a breakout is yet to be seen. Going forward the direction of breakout leads the trend partially.
On the Upside Price is presently testing the top of the critical range at 30,500-30,800. For the previous few weeks, this level has served as significant resistance, with no follow-up candle closing above it. As a consequence, bulls must maintain a footing above this level in order to maintain the upward trend towards 31,050, then 31,850. Holding over 31,850 triggers a powerful rally, first to 32,680 and then to 33,700.
On the Downside the 4-hour EMA-100 is anticipated to provide early support for the day. This level of support is now at 40,210. Following that, we have the next level of support at 29,890, followed by another EMA-based support in the shape of EMA-50 at 29,500. There are multiple intra-day and significant supports for price on the downside at the moment. However major supports are the range low supports at 28,650-28,200.
