4-Hour Analysis:
Big Picture: Price has dropped in recent sessions and is presently inside a slight consolidation range. While sellers continue to seek liquidity levels below, buyers continue to defend support levels. Extreme volatility in such a circumstance can be monitored, with price targeting both sellers and buyers in this case. Going forward price could see manipulative price action which would cause short-term volatility.
On the Upside the 12-hourly EMA-100 level, which was previously functioning as firm support, is currently creating all sorts of problems for the price. This level is currently acting as a resistance at 27,900. Surpassing this would take Bitcoin next towards the 28,100 level, followed by the 28,390 level. This is where fresh selling pressure can be seen; but, if momentum continues, short-coverings could push the upside again into the 28,800 to 29,075 zone.
On the Downside intraday supports of 27,415 and below are now preventing additional sell-offs. Bitcoin’s any additional decline is unlikely as long as these levels hold. If sellers succeed in breaking these supports, a slide lower into the liquidity area is possible. These supports are located at 26,650 to 26,530 levels, respectively.
