BTC – “Side-ways Choppy Price Action”

4-Hour Analysis:

Big Picture: The side-ways choppy price action continues. This could further continue in upcoming days unless and until the range breaks on the either-side. However bearish bias is still prevailing in market and a breach below 33k would call for carnage over charts and expose BTC towards Range lows (28-30k). In-order to negate this scenario bulls have to give a convincing closing above 40-41k level to call in a local bottom and establish further upside relief targets.

On Upside 37200-37500 resistance is capping the upside. However break above this would call 38400-38800 once again. Moreover stronghold above this level is required to open 40-41k as the next target zone for the bulls which is an area of multiple important resistances.

On the Downside 35500 acting as the threshold between bearish to aggressively bearish momentum again. Any 3-Day Candle closing below 35500 would mean loss of MA-200 support which will be considered very bearish and would expose local bottom support at 32850-33200 once more. Any break below this and bears unleash aggressive downside towards Range Bottoms at 30-28k level.