4-Hour Analysis:
Big Picture: The volatility remained throughout the previous session, with sellers taking the first push; however, similar to the previous day, bulls this time stepped up and protected the support level, resulting in a good recovery that brought the price almost back to the resistance area. Bulls will experience an increase in momentum if they can break through the resistance zone higher, potentially allowing for another impulsive upside.
On the Upside after breaking through 42,270, price was able to climb back up into the upper levels. However, there are still a few resistances that must be overcome before Bitcoin can see some sustainable upside. For the session, the initial resistance is 43,300, which remains the level that limited yesterday’s upward momentum. Bulls must overcome this main barrier and the stronger resistance zone between 43,545 and 43,700 levels in order to have a stronger run higher to 45,170 and potentially higher.
On the Downside fresh support has been re-established at 42,880 level. Below this, the next support level is around 42,270 and 42,000, where the daily EMA-50 is present. Furthermore, price has found support at a crucial important S/R level, and as long as the 41,855 level holds, sellers are likely to be in a weaker position. Selling is only expected to increase if the price falls below 41,855.
