8-Hour Analysis:
Big Picture: The higher time-frame candle closed decently, implying that there is still room for further upside. Bitcoin has maintained its strength and needs to break through the 20,800 level to initiate another uptrend toward the ascending channel top. However, it is also important to note that if another impulse does not emerge in the next few sessions, profit-taking could drag price back towards lower support levels. As a result, risk management is still highly recommended.
On the Upside the level of 20,790 continues to act as a barrier. This will be an important level to surpass in order to progress to higher levels. For the last few attempts, this level has been limiting the upside potential. Strength above this level will open the way to the upside towards 21,200, 21,500, and 21,850. At 21,850, expect strong intraday profit-taking. However, in the event of an extreme move, Bitcoin can also aim for 22,720.
On the Downside the 20,280-20,020 area has been providing assistance through various tools. The downside has been limited by a combination of horizontal and Fibonacci-based supports at this level. This level is still providing initial assistance. However, losing this would expose Bitcoin back to the 19,800-19,550 region, which is now of critical importance.
