4-Hour Analysis:Big Picture: Price is now caught between the support levels and the prior range levels after breaching below the previous range lows. The previous few hours have witnessed extremely sideways price activity, but that is expected to change in the coming hours. In the next hours, Bitcoin might re-test the previous range lows; a rejection of this level would result in another sell-off, whereas any acceptance back above the range would push for greater rounds of short-coverings.
On the Upside the resistance level of 29,200 stays solid. Above this, the next level of resistance is 29,525 followed by 29,690. The 4-hourly EMA-200 is present at 29,690, which is currently a key resistance level. Acceptance back inside the range is critical for Bitcoin to prolong its upswing. As a result, the major resistance for the sessions will be between 29,800 and 30,000.
On the Downside initial supports have now been created at the level of 29,010, followed by 28,940. These will be the session’s primary supports. The next supports are at 28,850 to 28,650 levels. The recent sell-off was halted at these supports, indicating that this supporting zone is strong. However, if price fails to regain acceptability in the upper range, Bitcoin may lose these supports and fall lower, initially towards the 50% retracement levels at 28,300, where another round of short-coverings is likely.
