4-Hour Analysis:
Big Picture: Bitcoin’s consolidation between 27,600 and 26,200 levels is still ongoing. As previously said, the price would stay sluggish and choppy inside this range. A breakout is required for price action to improve. A positive breakout would be observed if strength above the 27,600 level is maintained, while a breakdown would be seen if the price breaks the recent lows. While in the range, the price tried both a breakout and a breakdown, but neither succeeded, causing the prices to return to the prevailing range.
On the Upside the price is seeking to break through the 26,600 barrier. If this is accomplished, the upside will be extended towards the 26,990 level, breaking which will lead to the 27,200 level. These are corrective re-test levels, but in order to stir up excitement, Bitcoin must rise over the 27,415 and 27,600 levels. Establishing a foothold above both of these levels could result in a significant turnaround for Bitcoin.
On the Downside reclaiming the 26,600 level would make it the session’s initial support. However, the session’s main support level holds solid at 26,200. Maintaining this supporting level keeps aggressive sellers at bay, lowering the chance of a significant sell-off. While sellers succeeding in breaching these key supports, further selling pressure will be applied, exposing Bitcoin downward towards the 25,200 to 24,900 zone before any intraday recovery.
