4-Hour Analysis:
Big Picture: In the previous several sessions, Bitcoin has pushed back for a 50% Fibonacci retracement. Before concluding, the corrective cycle might yet continue and aim for the 61.8% retracement level. However, the current price spike is a corrective phase, and for Bulls to call for a bullish turnaround, Bitcoin needs to rise over 29,300, followed by the psychological milestone of 30,000. This would set the price for higher tiers.
On the Upside the horizontal barrier at 28,300, as well as the trendline resistance in this area, are causing price to struggle. Furthermore, the previous surge higher was fuelled by short-coverings; nevertheless, if price begins to persist above the 28,300 level, then fresh buying could cause another rapid upside targeting 28,800, followed by 29,200, which is the 61.8% Fibonachhi retracement level.
On the Downside the immediate support levels have maintained, driving price back up towards the resistance levels. Buyers are in a good position for the time being as long as the support level of 27,415 remains. If sellers want to prevent additional upside, they should take out this support level to derail the gaining momentum. Below 27,415, the next support levels are at 27,050 and 26,800, followed by 26,530.
