4-Hour Analysis:
Big Picture: Bitcoin has experienced massive phases of volatility in recent days, however only within a very narrow tight range, causing confusion and choppy movements. The momentum is failing to take shape in either direction due to the indecision that is being prevailed. However, if price breaks beyond the approaching converging triangle formation, this indecision may take a trending shape. Meanwhile unless that happens expect choppy price activity.
On the Upside 43,300 re-established itself as session opening resistance and has once again limited the bulls. This level is now facing additional resistance from the channel trendline barrier. Both of these levels may combine to produce barriers for bulls; however above this level price can continue higher into the upper resistance zone between 43,545 and 43,700. This level, nevertheless, is a significant breakout milestone for Bitcoin, which will lead to higher levels for the pair that follows after breakout.
On the Downside the EMA-50 has managed to remain reasonably priced while providing adequate intra-day protection. Furthermore, trendline supports have also had quiet an impact in giving price strong support. Price tested the trendline support at 42,450 levels and was able to respond effectively. Holding this range from EMA-50 to the horizontal and trendline supports of 42,450 would prevent Bitcoin from sliding any lower. Meanwhile, a breach below this supporting zone exposes the downside towards 42,050 initially, followed by 41,855 and 41,455 levels.
