4-Hour Analysis:
Big Picture: After nearly 80 trading sessions, BTC broke out of its consolidation period and gave a breakout. That breakout-based region is now being re-tested. If these zones are breached, a failed breakout will occur, exposing BTC to consolidation lows once more. To stay on track towards 48,000, 50,000, and finally 55,000, price must regain strength and close above 45,500 and 46,400.
On Upside, initial resistance is seen at 43880 followed by 44,100. However intra-day strong resistances are seen at 44,615 followed by 45,200-45,500 region. Price has to show strength over this level to negate any further bearish pressure. Successfully holding this level will pave path for another test at 46,400 region. Once price starts to trade above this level, a sharp rally on the upside can be expected.
On the Downside major EMA support is being offered at 43,250. For several hours, this EMA has been guarding the fall. Price needs to break below this level to test further downside towards 42,200. Losing 42,200 will be an intra-day setback which will expose BTC towards 40,800-40,500 once more.
