BTC – “Sell on Strength”

4-Hour Analysis:

Big Picture: The selling pressure persisted as a result of the Russia/Ukraine conflict, pushing BTC as low as 36300 before regaining support near 36640. There seems no signs of fresh-buying as of yet. However, the upside is as a result of short-coverings.  The price is anticipated to further squeeze up towards 37600-38500. This level is considered as stiff resistance for the day, possibly limiting gains, but BTC must climb above it to open a fresh short squeeze into 39100-40500.

On Upside first strong level of resistance will be observed at 37650 followed by second intra-day resistance around 38500. Stronghold above 38500 leads towards 39100 followed by 40500. However bulls need to reclaim 42500 in-order to negate this aggressive selling spree and once again re-test 44500 levels.

On the Downside 37200 is the major level of support for the day. However, if this is broken, the next intra-day support level is 36650. If BTC is to re-test the 40-41k level, it must stay above 37200 for the remaining day. If 36650 is broken, the next intra-day support levels are anticipated to be 35500, followed by 34900.