BTC – “Wait and See Approach”

4-Hour Analysis:

Big Picture: Price action is once again stalled, with no directional movement. Bitcoin tried another surge, but was immediately rejected. Going forward, strength over 24,890 is essential for the rally to continue. In contrast, failure to do so would expose prices towards lower support levels in the range of 23,000-22,800, with the possibility for further decline.

On the Upside for the last two trading sessions, 24,300 has functioned as a strong barrier, preventing any price movement above this level. This is becoming a significant pricing barrier. At 24,890, the next level of resistance is evident. This is a big resistance level, and breaking through it may spark a breakout that leads towards 25,410 initially, then 26,220, and possibly higher towards 27,500-28,500.

On the Downside supports of 23,700 and 23,400 are now in play. These are good intraday supports that are also protected by the EMA-100. Additionally, channel-based support is visible at this level. This is a key support level for Bitcoin to maintain since failure to do so increases the possibility of an extreme sell-off. The sell-off could continue towards 22,800, followed by 22,200 and eventually towards 21,800.