4-Hour Analysis:
Big Picture: After testing intra-day resistances, the session remained turbulent for the most part. Price has been in a corrective phase since the weekend, and if that corrective phase is to continue, the price must break through the immediate intra-day resistance. Failure to do so would put price back under pressure, while success would allow for another push higher.
On the Upside Bitcoin encountered hurdles at the 27,415 level. Price was unable to close above this level, resulting in a re-test of lower support. This level will continue to be the key resistance level for the session. This is an important mark for buyers to retake in order to regain some short-term lost momentum. Surpassing 27,415 would take price next towards 27,800 followed by 27,950 to 28,300 levels.
On the Downside support levels ranging from 27,140 to 26,850 held yesterday’s intraday fall. This is a mild growing short-term support level, but the region remains vulnerable to any substantial selling pressure. The main supports for the session remain between 26,650 to 26,530. Holding this zone would prevent prices from seeing lower levels. If the 26,530 support level is breached, Bitcoin will fall lower towards the 26,200 level and possibly back into the 25,800 to 25,500 levels.
