4-Hour Analysis:
Big Picture: Bitcoin surged from 43,800 to 52,800 in a very short amount of time, adding about 9000 points and pushing the oscillating indicators into significantly overbought circumstances, resulting in the continuing sideways consolidation phase. The consolidation is now on its seventh day and may soon witness a breakthrough. Additionally, indicators have eased off and are prepared for possible next legs.
On the Upside 52,040 is presently providing the early intraday resistance. Above this is the 52,550 level, followed by the 52,800 mark. Both of these levels are strong resistances that have prevented any positive developments during the previous few days. Bulls are also expected to encounter channel-based resistance on the RSI. If bulls can show strong momentum growth over the channel resistance, the price could comply and strongly challenge the 52,800 mark once again, which holds the upside extensions.
On the Downside The supports have been reshuffled yet again. Price right now has a solid supportive base between 50,980 to 50,800 levels. These supports are currently near the bottom of the consolidation levels. Yesterday, price effectively held these levels, allowing for a recovery back into higher levels. The EMA-50 now effectively aligns itself between these supports, increasing its strength. Meanwhile, the primary support for the day is at 51,250, followed by these supports. However, below 50,800, the next liquidity space stays between 50,400 to 50,200.
