4-Hour Analysis:
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.
![](https://bkcryptocrusher.com/wp-content/uploads/2024/02/BTC-4H-6th-Feb-2024-1024x518.png)
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.