4-Hour Analysis:
Big Picture: Bitcoin struggled once more to break through the congestion zone. It was rejected twice by the 22,800 level horizontal resistance and ascending channel resistance. Going ahead, both of these levels must be passed in order to maintain the momentum in favor of the bulls and to keep an eye on higher target levels in upcoming sessions. Furthermore, any further rejections of these levels would trigger intra-day profit-taking and might force the market to re-test lower supports before attempting another breakout. Another volatile session is on cards.
On the Upside the initial intraday resistance level of 22,625 stays solid, followed by 22,850. This level once again restricts the upside for bulls, making it a critical barrier for price to break over. However, a break above this will position bulls in a much more conformable position to target 23,400, then 24,300, and eventually towards the 25,000 barrier.
On the Downside the intraday support is now provided by the 4-hourly EMA-200 and 21,350. Following that, the next reasonable intraday support is found between 21,000 and 20,750. This level should serve as a good re-test support, but keeping it will be important for bulls because any back-to-back hourly closes below 20,650 would expose price down to the 2018 All-Time-High level of 19,800.
