12-Hour Analysis:
Big Picture: The pattern eventually broke to the downside, adding bearish pressure on the market and driving BTC to a low of 42,730$. Overall, the price is approaching some critical supports on the Daily time-frame, which are likely to prompt aggressive short-coverings and fresh buying. Good support levels are 42,200-40,500. Sellers should proceed with caution at this time, as these supports have the potential to surprise them.
On Upside, The initial resistance for the day is seen at 43,500, followed by the 43,820 level. To stop the intense selling, BTC would have to retake the lost channel at 44,400. This level also corresponds with the EMA-50 hourly, making it a crucial milestone for BTC to conquer. The next upside target for a show of strength over this level is 45,000-45,950, followed by 46,600. Breakout above 46,600 will bring 48,000 and further upside in blink of an eye.
On the Downside initial support is seen at 43,000. This level is protected by Daily EMA-50 level. Losing this support opens 42,200-41,850 next. Expecting aggressive short-coverings at these levels. However losing this level will result in price getting exposed to 41,000-40,500 as next key support level.
