4-Hour Analysis:
Big Picture: Price is still consolidating below the critical resistance level. Several attempts to retake this level have failed, and as a result, Bitcoin continues to trade in a narrow range. Price must flip the intraday resistance level and remain above it in order to broaden the range. If this is accomplished, the price could rebound towards the 22,800 region, with more upside potential.
The Upside remains the same with firm resistance at the intraday level of 21,550-21,750. Price has yet to close any 4-hourly candle above this level. The next wave of resistance appears at 22,200, followed by 22,450. This will be a major price barrier. If this level is successfully reclaimed, it will very certainly trigger aggressive short-covering, driving upside even farther into 22,800-23,000 levels.
On the Downside 20,750-20,400 levels since their initial test have not been tested again. This demonstrates that there is a lot of demand in this area. As a result, this is a price-protective zone. Any remaining selling pressure will be absorbed and exhausted by additional strength at this level, potentially leading to an intraday turnaround. If these supports fail, the next will be at 20,000, then 19,800. Any significant selling into this level may result in a bullish divergence, thus aggressive short-covering is still advised in this area.
