4-Hour Analysis:
Big Picture: For yet another day, Bitcoin was trapped between the intraday S/R levels on both sides. Previously, testing intraday resistances resulted in a slow and gradual sell-off, while the lower support level has shown a strong reaction. To pull off any trending move, Bitcoin must either surpass the short-term intraday resistances or fall back below the support level. The range is predicted to remain narrow as long as both of these immediate levels hold.
On the Upside Bitcoin continues to see resistance between 27,350 and 27,600. More precisely, at the level of 27,415. Overall, this region has been restraining the upward trend. However, there has been some good developments in the form of regaining the EMA-50. After over ten trading sessions, this dynamic level has been regained. Bulls can very well target 27,950 to 28,300 levels if they can push for strength past the immediate resistance zone.
On the Downside Bitcoin went on to test the levels of 26,650 to 26,530 after losing the short-term support levels. The levels displayed an extraordinarily powerful reaction, which not only recovered the session’s losses but also added further gains to the session. This level remains a solid and efficient level of support for Bitcoin. Sellers must first breach this level of support before attempting to target lower supports. However, the initial supports for the session have been re-established at 27,140 to 26,850 levels.
