4-Hour Analysis:
Big Picture: The informed Squeeze was seen which dragged the prices as high as 39100. Extreme volatility is likely to step into market as fight between Bulls and Bears for trend decision is likely to commence. The macro trend favors bears however, on short term the squeeze can continue further to punish the late Shorts. Bears still eye Range Lows around 28-30k however Bulls are looking to challenge 40-41k range followed by 43.3k. A push above 40-41k drags BTC out of aggressive bearish channel to Neutral zone and a further push above 43.3k would mean short term bullish and Vice-Versa a break below 34k strengthen the bears.
On Upside 38800-39100 is first intra-day resistance followed by 39700. Price needs to stronghold above this level to open 40-41k as the next target zone for the bulls which remains to be an area of multiple important resistances.
On the Downside first intra-day support is seen at 37300 followed by 36700. 34500/35500 is currently a strong support and local bottom on lower time-frames. Having said that any 3-Day Candle closing below 35500 would mean loss of MA-200 support which will be considered very bearish and would expose local bottom support at 32850-33200 once more. Any break below this and bears unleash aggressive downside towards Range Bottoms at 30-28k level.
