4-Hour Analysis:
Big Picture: Today, BTC is attempting to break range resistance on both the MA-200 12-Hourly and Channel. BTC must now close the session above 43580 and maintain that level for the next few days. If that happens, the breakout will be credible, and new levels will open up in the following sessions. However, if price fails to persist above this level, a quick rejection isn’t out of the possibility. Price is now nearing liquidity zones, where the previous four attempts to sustain above 43,580 have all failed. A failed swing high will once more expose BTC towards lower liquidity zones around 38-37k unless price sustains above 45,500.
On Upside In the intra-day session, pricing is beginning to hold above MA-200 on a 12-hourly basis. This is a good sign for BTC, and it’s possible that a key hurdle may be cleared today. BTC, on the other hand, isn’t out of the woods yet, as the last significant resistance is currently in play. 43,000 is the first intraday resistance level, followed by 43,580. However, if this level is broken, 44,400 will open next, followed by 45,500. Above this, a breakout leads to 46,740, then 48,000.
On the Downside the level of 42,000 is considered as the first intraday support, followed by the level of 41,200. Both are excellent intra-day supports. If these levels are broken, then we have 40,400, 39,650, and then 38,000 as next support levels. We have a huge liquidity pool between 37,550 and 36,950 that could act as a price target below 38000. However, a breakthrough above 45,550 is required to negate this.
