8-Hour Analysis:
Big Picture: The bulls had another strong session as they maintained their strength. Price has flipped a few key levels which is a positive development. Moreover, it is currently testing the ascending channel resistance levels, and further profit-taking here can’t be ruled out. Going forward, staying within this channel will likely slow price movements; however, a bullish breakout above this channel could send Bitcoin to even higher levels in the coming sessions.
On the Upside the initial resistance level of 20,790 is still in place. Price attempted to break through this level completely but was met with profit-taking. Above this, the trendline-based resistance at 21,050-21,220 comes into play. Both of these sets of resistances will be difficult for the bulls to overcome. Expect some profit-taking at these levels, but if they are breached, the price is likely to test the 21,850 level, which remains a key level.
On the Downside the initial support level has been established at 20,550, followed by the next intra-day support level at 20,130, followed by 19,920. Both of these supports represent the Fibonacci retracement levels of 50-61.8%. Bitcoin is protected as long as it remains above the 19,800 level.
