4-Hour Analysis:
Big Picture: Bitcoin loses ground as the price continues to fall. It has been a sluggish and choppy downward trend. Such price movements indicate that the market could stay volatile and consolidative for a few more sessions, with the primary focus being on liquidity grabbing. This circumstance will be relevant as long as the lower intra-day supports hold; losing them will likely accelerate the decline towards the June lows. On the contrary, there is plenty of liquidity above the 20,400 mark, which might serve as a potential price objective before further decline.
On the Upside Price has begun to break below the Previous All-Time High support level on various timeframes. As a result, it now serves as an initial price barrier. The next level of resistance is at 20,400. This is where there is currently a lot of liquidity. Above this, the resistance levels are 20,900, followed by 21,800.
On the Downside 19,800 support level has started to crumble. This is a concerning sign for the bulls as this level holds key historic importance. However immediate supports below this level are now seen at 19,450-19,250. Price could potentially see some reaction in this zone, if not then another fall into 18,900-18,750 is likely. This is an important support to hold otherwise a deeper push is highly likely.
