8-Hour Analysis:
Big Picture: The supportive range has once again stopped the fall and triggered another intraday reversal. EMA-50 also played a positive role in this reverse push. However, the range remains effective between 21,000 and 20,050 levels. This current strength has room for further upside, but it must come soon or the counter trend could very well invite a retest of lower levels.
On the Upside Bitcoin is testing the key intraday resistance of 20,550-20,790 once more. The initial impact has limited the surge once more. To maintain this bullish momentum, Bitcoin buyers must maintain their strength and overcome this initial level of resistance. If this is accomplished, price could very well move towards 21,000-21,200 levels, then 21,500, and eventually towards the major higher time-frame resistance at 21,850.
On the Downside the price was once again supported by the 20,280-20,020 region. Furthermore, the EMA-50 now covers this region, increasing its strength even more. As long as these supports hold, the short-term momentum will favor bulls; however, if these supports fail, Bitcoin will be exposed back towards the 19,800-19,550 levels.
