6-Hour Analysis:
Big Picture: Over the weekend, the consolidation and choppy situation remained, with BTC remaining ranging. The consolidation is taking place between two big levels: the major breakout-based support at 45,000-44,000 and the strong resistance level at 48,050. The continuation of the upside or the prolonged re-test will be decided by the breakout on either side. If the upside breaks above 48,000, the next target is 50,000-52,000. A breach of 44,200, on the other hand, will open the door to more decline towards 43-42k.
On Upside, The 46,600 level is the first point of resistance for the day. This level has been a powerful intra-day resistance because no 4-hour candle has been able to close above it. The next big resistance level is at 47,000, followed by the crucial resistance area of 48,000. To maintain this bullish sentiment, BTC must close a session over 48,000. Successfully breach of 48,000 will open the door to 49,850, 50,500, and eventually 51,950.
On the Downside there are multiple strong supports spread across the ranges. Initially we have a strong intra-day support at 45,800 level followed by 45,350 area where EMA-50 6-hour is present to provide support. These are good intra-day support levels. However if breached then BTC is likely to dip into the breakout based support between 45,000-44,200 level. This is an important level for BTC to hold. As long as BTC remains above 44,000 level it’s out of any potential danger. However stronghold below 44,000 could result in a change of mood with downside getting exposed towards 43000-42000 level initially.
