8-Hour Analysis:
Big Picture: BTC has been consolidating for a few days now below a critical resistance. It has to break this level to continue the trajectory towards higher levels, however a successful re-test of the breakout based supports would strengthen the trend and provide more confirmations. Ideally re-test levels shall be restricted between 45,800-44,200 levels.
On Upside, for a few days now, several horizontal resistances between 47,650 and 48,000 have been capping the upside. BTC must break and hold above this level in order to spark a new round of excitement towards targets of 49,250 and 49,850. Following that we have the next levels of resistance at 50,000-50,400 area. This is a strong intra-day resistance level that is also likely to trigger at least partial profit-taking similar to current levels. However breaking above this opens the much awaited 51,500-52,000 mark.
On the Downside the initial intra-day support is seen at 47,050, followed by 46,800. If the price breaks below these levels, the following intra-day downward support will be around 46,150, followed by the first significant support and breakout based region at 45,800-45,450. Between 44,650 and 44,250, the next important support level are found. There is a CME Gap between 46,575 and 44,675 that needs to be addressed. According to historical data, CME gaps fill 90% of the time.
