4-Hour Analysis:
Big Picture: A breach and close below the 3-Day MA-200 was attempted, but it was quickly reversed and translated into an aggressive short coverings spike. BTC survives another day and closes back above the 35500 level. The volatility is expected to continue, and BTC is likely to remain in the 42-32k zone. The overall trend continues to be indecisive. High-leveraged positions are not recommended at this time.
On Upside For the day, the initial resistance is at 38800, followed by 39250. Yesterday, BTC made its way into these areas and was initially refused. There’s a remains probability we’ll go back and re-test 39500-40500 as long as 37800 is protected. If this level is broken, the big resistance levels between 41 and 42k are exposed.
On the Downside 37800 is the initial intraday support level, followed by 37300. If price has to recover back above 40-42k levels, it should be the partial conclusion of downside. However, if we continue to trade below 37300, it may get dangerous, and Bears might prevail by breaching the critical support of the 3-Day MA-200 at 36950, and it’s unlikely that 35500 will hold, eventually exposing 32k and Range Lows between 30-28k.
