Big Picture: Monday’s session saw more active price movement, which was able to drive price higher into upper levels, but not as far as required to trigger a potential pattern breakout. This resulted in some intraday profit-taking as well. The pair’s volatility continues within the range and is expected to continue as long as the price remains inside the indecisive zone.
On the Upside after momentarily breaking over 43,300, the price was able to nearly re-test the resistance zone higher in the 43,545 to 43,700 range. This is a key S/R level for Bitcoin since sustained acceptance above this range allows the price to surge higher, perhaps getting towards 45,170 initially and possibly even aiming for the 61.8% Fibonacci level at 48,250.
On the Downside The 4-hourly EMA-50 is creating a favorable support level. Meanwhile, this support is paired with the horizontal and trendline-based supports at 42,450 and 42,320 respectively. These various levels of support are merging to form a reasonable foundation for the session. Furthermore, sellers would need to breach past this area if they were to continue the decline into 41,855, followed by 41,455.