4-Hour Analysis:
Big Picture:
The volatility index has reached an all-time low due to the unprecedented decline in volumes. Such low levels of volatility were observed in 2018 during a similar time in which prices had a narrow consolidation phase. A significant slingshot impact can often be seen following such dry activities that result in a significant directional momentum. Bitcoin will eventually face a similar scenario.
On the Upside price continues to battle against intraday as well as significant resistance levels. It is still necessary for the price to rise over the psychological milestone of 30,000 for attempting to move higher. Yesterday’s session saw a quick jump over the 29,525 mark, but buyers failed to sustain the strength, resulting in swift profit-taking.
On the Downside despite being weak, the bulls have done well up until now by neutralising any aggressive downside. However, bulls will stay weak till the above major barrier is broken. Furthermore, if the price breaks below the support levels of 28,850 to 28,650, this weakening might result in the appearance of fresh selling pressure. The primary support level for the session continues around 29,125, followed by 29,010 to 28,940.
