BTC – “Must Hold Level 36200”

4-Hour Analysis:

Big Picture: The geopolitical situation caused market uncertainty, which lead to a free collapse. However, BTC is once again reaching important support levels, which are functioning as a deciding factor between a new sell-off and a possible local bottom. If bulls can hold this level, it is likely that they will re-test 44-45k in the next days, followed by considerably higher goals in the 48-52k range. However, if this level is lost and the market begins to create pressure below 35.5k, we will most certainly see 32-30k.

On Upside Multiple resistances are likely to operate as price limiting ranges. The first intra-day resistance is noted around 38800, with the next level of resistance at 39650. However, if we break above these levels, we will most certainly encounter 40400-40800 once more, which is a much strong barrier.

The Downside The intra-day support level of 37500 is considered as the initial intra-day support level, followed by the main level of 36200. This level is extremely critical and must be guarded at all costs by bulls. In addition to the Horizontal level, this level has the 3-Day MA-200, which has been the support limiting all falls. However, if we lose this, a new round of selling is probable, paving the way for 32-30-28k as the next established downsides.