4-Hour Analysis:
Big Picture: The price activity throughout the weekend remained range-bound. The price was restricted between 27,415 to 26,530 levels. This range has been in place for multiple trading sessions. Going forward, there is still plenty of liquidity accessible on both sides of the ranges. This could potentially keep the trend volatile for the next few trading sessions.
On the Upside price continues to face intraday resistances ranging from 27,140 to 27,415 levels. Bulls must maintain their momentum above these levels in order to extend their upside and break free of the range-bound environment. Stronghold over 27,415 leads towards 27,600 level followed by 27,950 to 28,300 levels. At these levels, expect aggressive profit-taking to resume.
On the Downside Over the weekend, support levels ranging from 26,650 to 26,530 held price. With the exception of a single instance, these supports have held well since mid-April. Sellers face a difficult task in breaking through these supports and maintaining their control on the trend. Further decline for Bitcoin is unlikely unless these supports fail. To drive the fall further, sellers should ideally breach these supports levels; doing so would initially pull prices lower into the 26,200 level, followed by the 25,800 to 25,500 levels. Expect demand to soar once more as the price approaches these supports.
