12-Hour Analysis:
Big Picture: Price witnessed a reaction from 3-Day MA-200 once more as we tested it. BTC is anticipated to enter the volatile domain in the near future, as it trades in a narrow range between major resistances and major supports. Bulls must hold off to the MA-200 support levels and the bottom channel support levels; failure to do so would result in a setback for bulls, who may then be punished by bears.
The Upside, The initial intraday barrier is seen around 41,500-41,600. This level has been restraining price from moving higher. A decisive flip of this resistance is required to allow price to move higher. The next wave of resistance is expected to occur between 42,200 and 42,950. Bulls, on the other hand, will have significant obstacles at 44,000 and 45,500. These levels must be recaptured and maintained if Bitcoin is to make another push above 46,400 and continue to rise.
On the Downside initial support may be found at the level of 40,600. If this is lost again, BTC will be exposed at the MA-200 level of 39,500. Remember, this is a critical level to protect, and any daily close below it will not be a welcoming sign. However below this the next level of support are seen at 38,800 followed by 38,000.
