BTC – “45500 Remains Insight”

3-Day Analysis:

Big Picture: BTC held 41800 support nicely, giving Bulls an opportunity to reclaim intra-day control, which they did impressively by breaking out of the descending channel and taking out a big intra-day resistance at 42800. However key area is being tested now at 44k. Price needs to sustain above this in-order to open 45.5k once more followed by 46700 and eventually 48k. These mentioned key levels 46-48k are likely to trigger aggressive profit-taking. Moreover, 3-D Candlestick pattern is developing into a look-alike of Morning Star which is bullish in nature.

On Upside Initial resistance is seen around 44370-44410 followed by 45400 level. Bulls need to stronghold above this level to open further upside. However if 45500 level continues to resist the upside then expect early profit-taking to step in. Hence this level 45000-45500 remains to be a strong resistance that is capping the upside. A clean break above this level is likely to open re-test of EMA-200 Daily and Mid-Range of the Higher Time Frame Trend around 46600-46800.

On the Downside 43800 is seen as first intra-day support followed by 42950. If this support is lost then we are likely to see 41800 followed by 40400. Expecting 40400 to act as firm bottom for the day and protect any further downside.