6-Hour Analysis:
Big Picture: Both key levels continue to keep the price in between them, resulting in volatile and choppy sessions. These circumstances are expected to last for a few more sessions. In order to make its next move, BTC must make a choice. A break over 48,000 opens the door to the 50,000-52,000 range. However, a breakdown below 44,000 reopens 42,000 as the next support level.
On Upside, Multiple resistances are observed between 46,600 and 47,050. This region has been limiting the price’s potential for further upward movement. BTC must break through this level in order to re-open a test on the 48,000 level. To sustain this bullish sentiment, BTC must close over $48,000 in a few sessions. If 48,000 is successfully breached, it will open the door to 49,850, 50,500, and finally 51,950.
On the Downside There are a few strong intra-day supports scattered across the range. These intra-day supports prevented the price from falling further in the previous session, resulting in a significant recovery from the EMA-50 6-hour support level. However, the first level of support is found at 46,400, followed by 45,500. The EMA-50 has now surged to 45,500 and will continue to protect this level. If this support is breached, we will most likely return to the 44,200-44,000 level support. This is a critical support level that must be kept in order to remain aggressively bullish on the charts. Losing this might result in a lack of momentum, extending the decline to 42,000-40,000 next.
