1-Day Analysis:
Big Picture: Bulls eventually surpassed the 4-hourly congestion zones and advanced towards the higher levels. Having said that, price is currently approaching some significant profit-taking levels and may retest lower supports before continuing. Bitcoin has tested the daily EMA-50 for the first time in 90 trading sessions, and as a result, price may struggle to break over this level on the first attempt. Breakout traders must be cautious and aggressive with their risk management, since volatility is likely to return.
![](https://bkcryptocrusher.com/wp-content/uploads/2022/07/BTC-1D-20th-July-2022-1024x501.png)
On the Upside the daily EMA-50 at 23,410 is providing significant resistance. This will be another price milestone. Reclaiming this level will keep the present momentum going, although failing to clear EMA-50 will cause some profit-taking and a re-test of lower supports. However, the next level of resistance is evident at 24,300, followed by the 25,000 level barrier.
On the Downside the level of 22,850-22,650 will operate as a partial intraday support level, followed by 21,950 and 21,350. However, Bitcoin has solid supports between 21,000 and 20,750. These levels are expected to serve as critical re-testing support levels. Furthermore, price must maintain these supports and trigger a strong rebound from these levels in order to mark another higher low formation.