8-Hour Analysis:
Big Picture: Another rejection from the 20,790 level triggered another intra-day sell-off. Price has been encountering roadblocks at this level in recent sessions. Bitcoin has recently been trapped in a narrow range of 21,000-20,050. Buyers must begin holding it above 21,000 in order to trigger another upswing impulse, while sellers must drag it below 20,050 in order to push it lower towards lower supports.
On the Upside another session to see resistance at 20,550-20,790. Yesterday, the price took another beating at this level. As a result, this level remains a significant intraday resistance. Above this, the next level of resistance is seen at 21,200, then 21,500, and lastly at 21,850.
On the Downside yesterday’s aggressive sell-off was halted by the lower support region at 20,280-20,020. This was identified as a decent intra-day support region. This level is still operational and will withstand any intraday sell-off. Furthermore, continuous rejection from the 20,790 level is a cause for concern, which could eventually deplete this support. Breach of this support will almost certainly expose Bitcoin to the 19,800-19,550 support levels with additional risks.
