4-Hour Analysis:
Big Picture: The weekend was sideways and choppy, with no clear trend direction. As long as we trade between 37000 and 40000, this choppy situation is likely to persist. Price is expected to act choppy in this range-bounded environment unless BTC makes a significant move in either direction to spark a sustainable trend. If the price breaks above 40k, it is expected to move towards 41-42k, and if the price breaks below 37k, it is likely to move towards 36.5-35.5k.
On Upside Initial resistance would still be seen at 38800. However, a major resistance level of 39500-40050 has been restricting the upside for a while now. Multiple rejections of this level will not be a good sign, and bulls must manage to get over it soon, or things will get dangerous. Following a clean and sustained break over 40050, the next initial upside target is 41k, followed by 41950 and 44000.
On the Downside the first intraday support level is 38000, followed by 37500. 37500 remains a key hold point for bulls on an intraday basis, and it must be maintained to protect additional downside. If this is lost, the market would quickly fall towards 36800, then 36500. However, if BTC begins to close below 36500 on a daily basis, it will be a sign of weakness, exposing further falls below 35500, 34-32k levels, and finally Range Lows.
