4-Hour Analysis:
Big Picture: Bitcoin has returned to its previous trading range. The previous breakout over 22,800 was short-lived as bulls were unable to capitalize on the opportunity. Going forward, intra-day support levels have held since yesterday and could trigger another round of price relief. Furthermore, the order-block book is thin for the day, and with important macroeconomic news due today, prices may stay volatile and manipulative.
On the Upside the initial intraday resistance level is seen at 21,350, followed by 21,850. The next resistance level is noted at 22,220. Breaking these levels again opens the door to the 22,650-22,850 levels, which remain a crucial pivot point. Price attempted to break through above this, but failed and has reverted back to the previous range. Unless Bitcoin reclaims and establishes strength above 22,850, the upside is restricted. However, a successful break above this opens the door to 23,420, followed by recent highs of 24,300.
On the Downside intra-day supports of 21,000-20,750 held firm during the previous session, protecting against additional loss. If the bulls are to continue their rebound, they must sustain these levels. Furthermore, if Bitcoin can maintain these supports for the next two or three days, the remaining selling will be exhausted. However, failure to do so would expose the price towards 19,798 initially, losing which opens the door towards 18,588 followed by 18,050-17,880.
