4-Hour Analysis:
Big Picture: The ranges persist for another day, but they are contracting swiftly as the triangle converges, indicating that a move is imminent. Furthermore, there is a positive sign as Bitcoin maintains good intraday strength. This strength now needs to flip the trailing 4-hourly EMA-50 to re-test range highs of 20,400, with a break of which remains essential for further upside.
On the Upside Multiple resistances have made it difficult for the price to rise. Initially, the price was capped around 20,050 due to horizontal and EMA-50 resistance. If this level is breached, price will move towards 20,200-20,400, which is another important level to breach. For nearly two weeks, this level has served as the range high. A break over this level would take us to 21,200 and 21,750. While strength over 21,750 goes to 22,200, 22,800, and possibly 23,450.
On the Downside price holds above the 19,800 mark for another day. This level has held the price remarkably well in recent days. The downside risk is controlled as long as this level holds on a daily closing basis; however, failure to do so would be a setback for bulls, who would then be exposed towards 19,250-19,050, with the chance of further decline.
