12-Hour Analysis:
Big Picture: BTC is re-testing the key crucial support zones on a weekly and daily basis. Price must hold these levels at 41,800-40,400, as a breach below them will extend the downtrend and push price towards the liquidity zones. If bulls can hold these levels, a reaction to the upside is likely, with 44,000 being the first target, followed by 45,500.
On Upside, initial resistance is seen at 42,200 followed by 43,000. Bulls however will face major hurdle once more at 44,000 and at 45,500 region. These levels are very important to reclaim and sustain to push BTC in a fresh attempt to trigger a breakout above 46,400. A successful breakout above 46,400 will open 48,000 in blink of an eye followed by 50,000 as next upside target.
On the Downside at 41,850, MA-200 12-hourly is at support. This MA has been referenced a few times in the past as a price trend definer. Price was formerly likely to test this area, but now it serves as support. Price should not remain below this level for an extended period of time. If the bulls do not retake it, they will suffer a partial setback. Following the 41,850 support, the next downside supports are 41,000 and 40,600-40,400.
