BTC – “Flip Supply to Trigger Further Excitement”

4-Hour Analysis:

Big Picture: Yesterday, BTC maintained its bullish sentiment. This bullish momentum needs to flip the supply zone in order to trigger further significant upside. This level holds multiple Higher Time Frame important resistances that needs to be cleared in-order to pave path towards 48k followed by 50-52k levels. However any failed attempt on this level will once again expose BTC towards 41950 followed by 40800-40400 levels. Further BVOL24 is signaling that higher volatility is about to be witnessed.

On Upside Initial resistance is seen around 44410 followed by 45400-46000 level. Bulls need to stronghold above this level to open further upside. However if supply zone continues to resist the upside then expect aggressive profit-taking. Hence this level 45400-46000 remains to be a strong resistance that is capping the upside. A clean break above this level is likely to open re-test of EMA-200 Daily at 46600 and establish further targets towards 48k, 50 and eventually 52k.

On the Downside 43800-43350 is seen as first intra-day support zone followed by 42950. If this support is lost then we are likely to see 41800 followed by 40400. Expecting 40400 to hold any further intra-day downsides.