3-Day Analysis:
Big Picture: Now is the time to generate momentum in order to reverse this trend. We’re back to a significant MA-200-based support level. This level has been progressively rising since early January, limiting several dips till now. This level has once again served as a significant support level, and failure to break it will result in aggressive short-coverings.
The Upside, The initial point of resistance stays at 40,290, followed by 40,450. The next wave of resistance is likely between 42,200 and 42,950. Bulls, on the other hand, will have profound challenges at 44,000 and 45,500. These levels must be regained and sustained if Bitcoin is to make another effort to break out above 46,400 and continue to increase.
On the Downside BTC is testing the 3-Day MA-200 at 39,490 once more. It is now crucial to protect this level from any 3-Day close below it. In addition, we have a solid horizontal support at 39,250. There are a few significant supports here, and any additional consolidation might benefit the bulls. If these supports are breached, the next level of support is seen at 38,800, followed by the important liquidity pool support area at 38,000-37,000.
