3-Hour Analysis:
Big Picture: When price trades near a significant milestone level, the general trend is becoming more volatile. To remain in control of the trend, buyers must establish a sustainable strength above the 25,500 mark, while sellers must prevent the price from breaking out higher and push it lower below 22,800 to reclaim short-term control. Additionally, a new range is forming between the 25,200 and 23,600 range.
On the Upside the initial intraday resistance level stands at 24,480. During the last few hours, this precise level has capped the upside and prevented price from closing any candle above this level. Over this level, the next barrier for Bitcoin is expected between 24,680 and 24,780. Both of these intraday levels will be challenging for buyers, while the session’s major resistance remains above 20,180-20,250.
On the Downside the level of immediate support is 24,250. This level is supported by both the horizontal and dynamic levels. For the intra-day sessions, expect price to take decent support from this level. If price breaks through this support, it will drop lower into the 24,000 level, followed by 23,750, and possibly back into the emerging range bottom around 23,600.
