4-Hour Analysis:
Big Picture: The rally advanced to the upside and is presently consolidating just below the 44200 resistance mark. There are two scenarios that are likely to unfold from this point forward. Either price will break free of this resistance and test the EMA-200 Daily at 45700, or it will re-test the lower re-test levels first. However, the re-test will most likely be in the range of 41950-40800.
On Upside BTC is holding up well, although the first intra-day significant resistance is spotted at 44250. To establish further upside towards 45700-46000, price must break the chains of 44250. This is where the EMA-200 Daily is present. As a result, we could expect significant resistance at this level, as well as profit-taking.
On the Downside 43100 is the initial intraday support level, followed by 41950However, the 40800-40400 range support is indicated below this level, which is expected to operate as the day’s bottom. If pushed, the day’s low is likely to hit 39650, capping any additional losses. However, it does not appear that this level will come into play as of today.
