4-Hour Analysis:
Big Picture: Price remains in the narrow band of 52,800 to 50,800 levels. This range is becoming increasingly choppy and uncertain as the hours pass. Furthermore, bulls have been losing momentum, but the Relative Strength Index is presently at supportive levels, and if the price is to recover and gain momentum, a breach above the RSI channel resistances would be necessary. Having said that, the dynamic support from the EMA-50 is starting to struggle, demanding active risk management moving forward.
On the Upside in yesterday’s session, the price struggled to retake the 52,000 mark. Several efforts were made in a series, but neither time bulls were able to gain acceptance over it. As a result, for the session, 51,950, followed by 52,000, will act as the primary resistance for the day, followed by 52,550 and 52,800 levels, which are critical resistances that must be overcomed for Bitcoin to gain momentum and see sustained upside.
On the Downside the lower supports between 50,980 to 50,800 are constantly under pressure. Furthermore, price breaking the 4-hourly EMA-50 support is cause for concern, adding to the already strong selling pressure. This supportive area of 50,980 to 50,800 is currently seeing reduced volumes, indicating that active buyers are less aggressive in this range. However, the bulls must maintain this range or else another dip towards 50,400 to 50,200 levels is expected.
