8-Hour Analysis:
Big Picture: Price appears to be moving up in an ascending channel. It is now trading near the channel’s supports and holding quite effectively. Having said that to build on any bullish momentum, Bitcoin would need to retake the 2018 All-Time High level. Unless and until that happens, the selling pressure will continue. Breaking through the channel, on the other hand, would expose price to lower horizontal support levels once more.
On the Upside the price is encountering severe intraday resistance at the 19,250 mark. On shorter time periods, this level has been severely limiting the upside. The next resistance zone is found between 19,550 and 19,800. This will be a crucial level to retake. However, maintaining a foothold above the level will benefit bulls, who will then aim for 20,200 initially, followed by 20,550-20,790. This level also aligns to the ascending channel’s peak.
On the Downside thereadjusted trendlines appear to be in good shape, having provided adequate support over the past several hours. The trend appears to be legitimate and will provide proper support in the 18,950-18,750 range. This was formerly a strong support zone as well. Maintaining this pattern would hold the selling pressure at bay, at least partially. However, a break of these supports would immediately expose Bitcoin to 18,400-18,100 levels and might perhaps aim for June’s low as well.
