4-Hour Analysis:
Big Picture: An extremely volatile session was witnessed where buyers initially took the charge and forced aggressive short-coverings which dragged price higher, however the momentum failed in sustaining leading to an equally strong reaction from sellers leading towards lower levels. The volatility is expected to persist as long as this narrow range remains intact. Sellers continue to aim for the liquidity region while buyers continue to defend the lower supports.
On the Upside Bitcoin attempted to surpass the EMA-100 level and was able to partially even exceed it. But the strength remainedshort-lived and lost momentum as price tested the resistance region of 28,100 to 28,390, resulting in a fierce round of profit-taking. For the session 27,900 is once again to function as initial resistance followed by the 28,100 to 28,390 levels. Surpassing these would assist in triggering a much strong round of profit-taking for the pair targeting 28,800 to 29,075 levels.
On the Downside the intra-day supports held price for yet another session preventing sellers from charging aggressively. Sellers however, attempted to trigger a breakdown but were countered close to the liquidity levels, reversing back the session losses. For the session initial intra-day support remains effective at 27,415 followed by 27,150. Losing these would have the lower supports exposed at 26,950 followed by the liquidity supports at 26,650 and 26,530.
