4-Hour Analysis:
Big Picture: Bitcoin previously held the lower supporting area, triggering a solid rally that returned price towards higher levels. The intra-day levels proved to be tough for the pair, and since testing them, Bitcoin has only been on a gradual and steady decline. Price has now returned to the intraday supportive zone that previously triggered a decent push higher. This is going to be a crucial zone since holding it will cause another wave of recovery, whilst losing it would push price down into the deeper supports.
On the Upside a few intraday resistances have re-established. The initial barrier is at 41,520, followed by the next resistance zone between 42,300 to 42,500. Meanwhile, these are solid resistance levels for the session, but the most significant stumbling block will be between 43,190 to 43,415 levels. Previously, this area was able to withstand a strong bullish drive.
On the Downside between 40,700 to 40,540, Bitcoin has a strong supporting presence. This area has many lower time-frame horizontal supports and further has the mid mid-range of the current macro prevailing range. This will be a strong powerful support for the session, but if it is broken, price is expected to fill the wickless candle at 39,970 and then test the next 4-hourly demand zone between 39,800 to 39,500. The 4-hourly EMA-200 is also present between these levels, which will be an important support factor.
