4-Hour Analysis:
Big Picture: After a few sideways and bumpy sessions, Bitcoin breached the range, although to the downside, exposing the price towards the lower levels. Previously, the bulls had their chance, but they chose not to make a move, allowing the sellers to retake the lead. Furthermore, selling pressure may persist in the next sessions; nevertheless, regaining 26,530 will be critical to counteract this selling pressure.
On the Upside the session’s initial resistance is set at 25,990, followed by 26,200. Above these levels, the next level of resistance is seen at 26,530 to 26,650. For the past few weeks, this region has remained a significant support level for Bitcoin. Unless and until price shows acceptance above this level, the upside will be brief and restricted. On the other hand, regaining this level will be difficult for bulls in the next hours and sessions.
On the Downside as long as the price remains below the immediate resistance level of 25,990, the downside will be exposed to levels ranging from 25,200 to 25,105. This region is expected to provide sufficient intraday support for the price. Furthermore, the indicators’ severe oversold conditions may result in significant rounds of profit-taking. On a daily time-frame, this level is also accompanied by the dynamic EMA-200 level. This area continues to provide extremely strong and significant support for the session.
