4-Hour Analysis:
Big Picture: After a few good sessions, Bitcoin stayed in a consolidation mode for the last session. A decent consolidation here remains beneficial for buyers, but buyers must get price above 16,920 to have another upward round and maintain control of the short-term trend. Failure to do so will result in intraday profit-taking, dragging price back to the lower support zones.
On the Upside Bitcoin is currently encountering intraday resistance at the level of 16,750. Several attempts have been made to overcome this level, but all have failed so far. Price is expected to struggle between the 16,750 and 16,920 region due to the presence of various resistances. A breakthrough over 16,920 remains critical for Bitcoin to open up additional upside into 17,180, followed by 17,520.
On the Downside the price is expected to establish early support at the 16,640 level, followed by the 16,520 level. These are solid session supports that should provide heavy opposition to any intraday sell-offs. The next layer of supports can be observed between 16,250 and 16,180 levels. If price tests this area, a significant initial bounce is anticipated. Furthermore, buyers must hold prices above these supports in order to offset any hyper-selling.
