After reaching yesterday’s higher low at around $45,600 it went for a quick short-term run-up to our current $47,400 high.
Since we're currently ranging above $46,550 for now, which holds as one of our strongest short/mid-term support levels, we could see a stronger push above in the next couple of hours before our daily close.
With a break and close above $47,400 on the 4H for BTC, we would be pretty much out of short-term danger and buyers would gradually enter the market again, potentially pushing prices even higher.
With a break and close below $44,500 however, we would be confirming a bearish continuation that could reach as low as $40,000 - $42,000.
Up Probability: 58% - Down: 42%
Since we're currently ranging above $46,550 for now, which holds as one of our strongest short/mid-term support levels, we could see a stronger push above in the next couple of hours before our daily close.
With a break and close above $47,400 on the 4H for BTC, we would be pretty much out of short-term danger and buyers would gradually enter the market again, potentially pushing prices even higher.
With a break and close below $44,500 however, we would be confirming a bearish continuation that could reach as low as $40,000 - $42,000.
Up Probability: 58% - Down: 42%
